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Xerox Sells China Venture
The Xerox Corporation, following through on a key principle in its business turnaround plan, announced an agreement Thursday to sell its China operations to Fuji Xerox Co Ltd for US $550 million in cash.
Under the agreement, manufacturing , sales and service functions on the Chinese mainland and Hong Kong, including ownership of Xerox (China) Ltd and Xerox (Hong Kong) Ltd, will be transferred to Fuji Xerox.
"With our unique understanding of the Asia-Pacific marketplace, we are eager to make investments that will deliver the latest technology to the Chinese marketplace, provide a broader range of products and services offer growth and opportunities for Xerox China employees," Masamoto Sakamoto, president of Fuji Xerox was quoted as saying by Saturday's China Daily.
To drive the business forward, Fuji Xerox will establish a China office reporting to Sakamoto on January 1, 2001.
Xerox began marketing products in Hong Kong in 1964 and entered the Chinese mainland in 1980. In 1995, Xerox established Xerox Limited, to hold the company's mainland interests, including wholly owned subsidiaries and joint ventures with Chinese companies.
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