Printer maker Xerox to split into two
[NEW YORK] Xerox Corp said it would split into two companies, one holding its legacy hardware operations and the other its business process outsourcing unit.
The printer and copier maker will give billionaire activist investor Carl Icahn, who holds an 8.13 per cent stake, three seats on the board of the business process outsourcing company.
Xerox, whose shares had fallen more than 30 per cent in the past 12 months, has been trying to turn itself around, shifting focus to software and services as corporates cost cuts and a switch to mobile devices hit demand for printers.
Larger rival Hewlett Packard Enterprise Co also split its computer and printer businesses from its faster-growing corporate hardware and services operations last year to adjust to the post-PC computing era.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Technology
'Harvesting data': Latin American AI startups transform farming
After long peace, Big Tech faces US antitrust reckoning
Tech’s cash crunch sees creditors turn ‘violent’ with one another
Tech millionaires chase billionaire tax shields with ‘swap fund’
Elon Musk’s Starlink profits are more elusive than investors think
Hollywood animation, VFX unions fight AI job cut threat