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Xerox goes it alone in ANZ
the OVERflow products directly into the
growing Asia-Pacific market. However, realistically speaking, we believe that it would be extremely difficult for Xerox
– which does not currently possess any marketing channel in Asia – to build its own channel from scratch.”
“Nothing could be further from the truth,” Visentin said. “In fact, it is actually Fuji Xerox, which is responsible for nearly half of Fujifilm’s total revenue, that could potentially suffer ruinous consequences from the loss of over $1 billion of revenue from Xerox, its single largest customer. And legally, there is nothing Fujifilm can do to stop that from happening.” 21
Xerox Corp slammed a “desperate” $1 billion lawsuit filed by Fujifilm over their failed $6.1 billion merger bid and announced plans to sell Xerox products directly into the growing Asia Pacific market.
In a letter to Fujifilm chairman Shigetaka Komori, new Xerox CEO John Visentin said
litigation filed in New York
by Fujifilm against Xerox was “nothing more than a desperate, misguided negotiating ploy” to save the takeover proposal.
Visentin pointed to a $450 million accounting scandal at Fuji Xerox subsidiaries in New Zealand and Australia as evidence of the Japanese company’s mismanagement.
“No matter what you tell the Japanese media, it is abundantly clear that the bad actor here is Fujifilm, not Xerox. Fujifilm,
as 75% owner and controlling partner of Fuji Xerox, has concealed from Xerox the true extent of a massive and ongoing accounting fraud at Fuji Xerox caused by Fujifilm’s own gross mismanagement.”
Visentin says Fujifilm’s expectation that Xerox will come to Fujifilm with a new proposal for a combination transaction “is simply delusional. It will not happen.”
The Xerox CEO says the iconic US company is now focused on moving forward alone on several fronts in the Asia-Pacific region to protect its supply chain.
“First, we will start, in
a material way, to source products from new vendors. Second, we will build partnerships with companies that are aligned with the Xerox mission to provide world-class technology and solutions. Third, we currently believe Xerox will be much better served by not renewing our Technology Agreement with Fuji Xerox when it expires. We will detail for our shareholders the enormous opportunity for Xerox to sell products directly into the growing Asia-Pacific market with sole and exclusive use
of the valuable Xerox name, and a more efficient, better managed supply chain than exists with Fuji Xerox today.”
Fujifilm issued a statement dismissing Xerox’s plan. “It
is again no surprise to hear Xerox’s pretense to sell its
Above: “A desperate, misguided negotiating ploy”: Xerox CEO John Visentin.
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