>> Their businesses are less than picture perfect. But Fujifilm and Xerox think merging them is the best option for survival and growth. Japan's Fujifilm has agreed to take over Xerox in a $6.1 billion deal, folding the US firm into their existing joint venture, Fuji Xerox.>> We've reached an agreement where our company will aquire 50.1% of Xerox's stocks
>> And our subsidiary Fuji Xerox, and Xerox, will merge.>> Both companies have struggled with slow sales of photcopy products, as more and more businesses go paperless. Executives say the merger will help by delivering more than $1.7 billion in cost savings by 2022. To reach that figure, they plan to slash 10,000 jobs.
But they also need to look beyond their legacy businesses.>> We plan to step into new markets, such as industrial printing, in order to expand our business.>> The combined company will keep the Fuji Xerox name, and will become a subsidiary of Fujifilm. It will be led by Xerox CEO, Jeff Jacobson.
While Fujifilm CEO, Shigetaka Komori will serve as chairman. Fuji Xerox will be listed in New York, and will have dual headquarters in the US and in Japan.