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Xerox splitting into two as it grapples with changing market

Along with the split, Xerox is planning to cut costs over the next three years that will result in US$2.4 billion in savings across the two companies, of which US$700 million is expected for 2016.

New York

XEROX Corp is rewinding the clock, splitting off a services business it acquired a little more than five years ago - the latest tech giant taking drastic action to cope with a rapidly changing marketplace.

By year-end, Xerox said on Friday in a statement, it will separate...