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Fujifilm takes control of Xerox and cuts 10,000 jobs

Fujifilm and Xerox are set to lay off 10,000 workers from their joint venture in Asia.The job cuts at Fuji Xer...

Posted: Jan. 31, 2018 11:31 AM
Updated: Jan. 31, 2018 11:31 AM

Fujifilm and Xerox are set to lay off 10,000 workers from their joint venture in Asia.

The job cuts at Fuji Xerox are part of a wider restructuring that the company is undertaking in the face of increased competition, Fujifilm said in a statement on Wednesday.

"The market environment ... has grown increasingly severe," the Japanese company said.

Fuji Xerox sells printers, copiers, production systems and software across the Asia-Pacific region.

Fujifilm said the joint venture -- of which it owns 75% -- will eliminate the jobs in Japan and other markets starting this year. It expects to reduce annual costs by 50 billion yen ($460 million) in the process.

Xerox owns the other 25% of the business.

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