This ends a 57-year-old joint venture a year after a full merger fell through, the Wall Street Journal reported.
Xerox said it also plans to sell its 51% stake in Xerox International Partners, an OEM joint venture between Xerox and FX, which will allow FX to OEM certain products (such as printer engines) to named parties that are existing customers of XIP on a worldwide basis in exchange for a fixed royalty.
The $1 billion lawsuit FUJIFILM filed against Xerox after the termination of last year's merger will be dismissed, per Xerox.
“These agreements reset our relationship with FUJIFILM and provide both companies with tremendous opportunities to grow, together and independently,” said John Visentin, vice chairman and CEO of Xerox. “These agreements also unlock significant unrealized value for our shareholders, provide greater clarity for our customers and help us speed our transformation to a digital-first company.”
Fuji Xerox, established in 1962, sells copiers and printers in the Asia-Pacific region, Wall Street Journal reported.