Financial
Langley Holdings, the engineering and industrial group that controls German press maker Manroland Sheetfed, released results for its most recent fiscal, ended 31 December, 2016. The company states it had a record year, with profits before tax up by 15 percent on the previous year, and that Manroland Sheetfed, acquired five years ago in February, had now returned the group's initial investment in full.

The group, led by Chairman Tony Langley, reported a pre-tax profit of €122.7 million on revenue of €900.9 million. Langley earned roughly 45 percent of its profits in Euro currency, 20 percent in US currency, 20 percent in GPB UK currency, and 15 percent in other currencies, although only a quarter of UK earnings were derived from the UK-based businesses, the majority coming from the UK subsidiaries of the European divisions.

Manroland Sheetfed is the group’s largest division in revenue and employee terms and has around 40 subsidiaries around the world. Under Langley’s ownership the company has installed around 500 printing presses, maintained several thousands more and applied for 169 patents. In 2014, the press builder introduced the new Roland 700 Evolution machine.

Piller, the German producer of power security systems, was the largest contributor to the group’s result. IT hosting and Cloud data centres were Piller's main driver in 2016, although healthcare, aircraft ground power and naval military systems also featured. Piller’s successes to date have been without any material levels of business from China, explains Langley Holdings, and in 2016 the company secured a cornerstone project for the Shanghai Stock Exchange. Piller equipment, according to the company, is installed at most of the world’s leading exchanges.

In November the group acquired the business and assets of Texas-based Active Power, a producer of kinetic energy storage devices, and merged the business into its Piller division.

ARO, Langley's French producer of welding technology for the automotive sector, also had another successful year on the back of a still buoyant sector. Langley explains there was generally a dearth of investment in the cement, gypsum, steel and alumina sectors though and Claudius Peters, the group’s German plant machinery producer, although profitable, was much less so on a subdued level of business.
Winpak Ltd. of Winnipeg, Manitoba released its fourth quarter results, which included an earnings performance that the company describes as the highest of any quarter in its 40-year history. Winpak manufactures and distributes high-quality packaging materials and related packaging machines, which are primarily for the packaging of perishable foods, beverages and in healthcare applications.

Net income attributable to equity holders of the company for the fourth quarter of 2016 amounted to $28.6 million or 44 cents in earnings per share (EPS), surpassing the 2015 corresponding result of $27.6 million or 43 cents per share by 3.4 percent.  As mentioned, the represents the highest earnings performance of any quarter in the Company's 40-year history.  

For the year ended December 25, 2016, net income attributable to equity holders of the Company of $104.3 million or $1.61 per share eclipsed the prior year record net income of $99.2 million or $1.53 per share by a respectable 5.1 percent.

Revenue in the fourth quarter of 2016 of $215.6 million also set new heights, according to the company, and exceeded the 2015 final quarter level of $205.7 million by 4.8 percent. Volumes continued where they left off at the end of the first three quarters, explains Winpak, advancing by 6.9 percent in the fourth quarter, when compared to the same period in 2015.  

On a percentage basis, biaxially oriented nylon volumes led the way, explains the company, accelerating by over 30 percent followed by packaging machinery and parts sales which rebounded from a slower third quarter of the year. Winpak continued to explain specialty film shipments also recovered from their decline in the previous quarter by moving forward in low double-digit percentage terms as bottlenecks within the operation continued to be addressed. Modified atmosphere packaging volumes ascended in the high single-digit percentage range as ongoing progress was made at securing additional business at major US protein customers.  

After a particularly strong third quarter, explains Winpak, rigid container and lidding volumes advanced by low single-digit percentage increases over the 2015 final quarter. Custom container shipments, including specialty beverage, along with condiment packaging and trays for home meal replacements bolstered volume growth. Lidding for yogurt applications provided further gains.

For 2016, revenue reached an all-time high for the company at $822.5 million, up by 3.2 percent from the $797.2 million recorded in the previous year. Volumes grew by a notable 6.8 percent, explains Winpak, with all major product groups progressing.

For the current year, gross profit margins attained a level of 32.7 percent of revenue versus the 32.3 percent reached in 2015.  While volumes advanced by 6.8 percent in 2016, gross profit only grew by 4.5 percent from $257.8 million in 2015 to $269.3 million in the present year.

Following a strong finish to 2016, the company explains it remains optimistic as it enters 2017 in terms of volume and earnings advancement.  Winpak continues its strategic focus on organic growth with opportunities in the sales pipeline progressing on the road to new revenue for the corporation. In particular, the company is targeting additional business from North America's major food processors.

Releasing results for the third quarter of its current fiscal year, Heidelberger Druckmaschinen AG states it is still on course to increase its annual profit as planned. During the third quarter (October 1 to December 31, 2016), the company’s operating result (EBITDA) and the net result after taxes improved further compared to the same quarter of the previous year.

After nine months, Heidelberg explains its current fiscal sales of €1.7 billion were slightly below the previous year’s levels of €1.8 billion, as it expected, also stating a large number of orders placed at drupa, with longer delivery times, will be supplied on schedule in the fourth quarter.

Over the same period, incoming orders at €1.99 billion were approximately 4.5 percent higher than the previous year’s value (€1.90 billion). At €739 million, the order backlog was around 26 percent up on the previous year’s figure (€586 million). As a result, Heidelberg explains it has a good platform for achieving the significant sales growth planned in the fourth quarter.

“The improvements in results in the third quarter show that Heidelberg is on the right course to achieve sustainable profitability,” said Rainer Hundsdörfer, CEO of Heidelberg. “We anticipate we will further increase our annual profit with a strong final quarter.”

Heidelberg, in releasing its Q3 results, stated it is realigning its organization to accelerate its digital transformation for high-growth customer segments in the years ahead. In future, Heidelberg explains there will be a division that will develop, manufacture and supply appropriate digital technologies and products for new business models. Another division, according to the company, will devise and market these models.

“Heidelberg goes digital. We are getting the company fit for the digital future,” said Hundsdörfer. “To do that, we will develop and roll out our own innovative business ideas. However, we will also be strengthening our position in this area through acquisitions.”

Heidelberg’s current third quarter EBITDA, excluding special items, improved to €49 million in the third quarter (previous year: €40 million). The total figure after nine months was €94 million (previous year: €119 million). At €-2 million, special items in the quarter under review equaled the figure for the same quarter of the previous year (€-2 million). The total figure after nine months was €-8 million (previous year: €-24 million). The financial result for the period under review matched the previous year’s level at €-42 million. Consequently, the net result after taxes in the quarter under review increased substantially to €18 million (previous year: €7 million). At €-10 million for the nine-month period, it was on a par with the corresponding period of the previous year (€-7 million).

Free cash flow in the third quarter was slightly negative at €-10 million, and overall, after nine months, it was also at €-10 million. Compared to the financial year-end on March 31, 2016, the equity of the Heidelberg Group dropped to €246 million as at December 31, 2016. This was primarily due, according to the company, to changes in the actuarial interest rates for pensions.

“We have the financial strength to actively shape our route into the digital world,” said Dirk Kaliebe, CFO. “The balanced financing framework also gives us the freedom to drive forward new business models through targeted acquisitions.”

Thanks to the solid incoming orders and the rise in the order backlog, Heidelberg states it remains focused on its targets for 2016/2017. Although planned acquisitions have not been implemented yet, the company is still striving for marginal sales growth in light of a strong final quarter of the year.

Despite the inputs for the accelerated expansion of the digital and the service business, it also expects to achieve an EBITDA margin before special items on par with the previous year’s level in the 2016/2017 financial year. At the same time, the financial result will improve further on account of declining interest expenses. Thus, Heidelberg is still aiming for a moderate year-on-year increase in its net result after taxes for the year as a whole.
Electronics For Imaging announced its preliminary results for the fourth quarter and year ended December 31, 2016. For the quarter ended December 31, 2016, the company reported record fourth quarter revenue of $266.7 million (all figures in US dollars), up four percent compared to fourth quarter 2015 revenue of $256.5 million.

GAAP net income was $20.5 million, up 99 percent compared to $10.3 million for the same period in 2015 or $0.43 per diluted share, up 105 percent compared to $0.21 per diluted share for the same period in 2015. Cash flow from operating activities was $65.2 million, up 141 percent compared to $27.1 million during the same period in 2015
 
For the year ended December 31, 2016, the company reported revenue of $992.1 million, up 12 percent year-over-year compared to $882.5 million for the same period in 2015. GAAP net income was $45.5 million, up 36 percent compared to $33.5 million for the same period in 2015 or $0.95 per diluted share, up 36 percent compared to $0.70 per diluted share for the same period in 2015.

"EFI delivered another record revenue quarter and our team's execution drove significant improvements in margins, cash flow, and earnings per share, despite the negative impact of foreign currency," said Guy Gecht, CEO of EFI.  "As we start the New Year we are even more excited about the road ahead, especially with our upcoming introduction of the Nozomi platform targeted at digital printing for packaging."
In its goal to become a $1 billion company by the end of the current fiscal year, Electronics For Imaging Inc. of Freemont, California, continues to report record quarterly revenue results. For it third quarter of 2016, ended September 30, 2016, with revenues reaching US$245.6 million, an increase of seven percent compared to third quarter 2015 revenue of US$228.7 million.

"Our balanced business model was again the story in the third quarter,” said Guy Gecht, CEO of EFI.  “We are delighted with the strong organic growth in our Industrial Inkjet and Productivity Software segments, coupled with a rebound in cash from operations. We are entering the home stretch of 2016 with a robust pipeline of opportunities to partner with customers around the world in transforming and growing their businesses."

GAAP net income was US$17.7 million for the company’s current third quarter, up 76 percent compared to US$10.3 million for the same period in 2015. Non-GAAP net income was US$27.6 million, up 16 perccent compared to non-GAAP net income of US$24.1 million for the same period in 2015.

For the nine months ended September 30, 2016, EFI reported revenue of US$725.4 million, up 16 percent year-over-year compared to US$626.0 million for the same period in 2015.
Langley Holdings, owner of Manroland Sheetfed, has released its interim results for the six months ended June 30, 2016, which includes sales of €417.1 million for the entire group of companies. This includes an increase in pre-tax profits to €48.9 million, up from €37.9 million at the same point in 2015.  

Group operating profit for the period was €48.1 million (2015: €37.1 million). The company’s forecasts for the full-year result predicted a six percent improvement on 2015 with pre-tax profits expected to reach €112 million on sales of €930 million.

Tony Langley, Chairman of Langley Holdings, stated the first six months of 2016 had been a very satisfactory trading period for the group with the overall half-year result exceeding expectations. “Both the trading for the first six months and the outlook for the full year, are very positive,” Langley said. “Moreover, the group is financially secure with substantial resources, not only for its existing operations, but also has sufficient surplus to continue its development independently.”

Manroland Sheetfed saw an expected slow-down in orders ahead of drupa, explained the company, but this was brought back on track following drupa with the Offenbach factory “optimally loaded from backlog in the first six months.” Langley said this would remain the case until the year end and that profits in the division were in line with expectations.

German printing consumables business Drück Chemie, acquired in 2014, was trading in line with expectations and was “exceeding the company’s benchmark minimum 20 percent return on capital employed.”

Tony Langley said he expected any Brexit impact on business to be minimal and a slump in demand to be unlikely. “Although some 20 percent of the group’s profits are derived from the UK, the majority of this is from the UK subsidiaries of our German and French divisions, all of which compete entirely with other European producers for UK trade.

“Our actual UK based businesses represent only a nominal percentage of the group as a whole and, therefore, I do not expect Brexit to have a substantial impact on the group one way or the other,” continued Langley, “although UK assets are currently devalued by some 10 percent in euro terms.”

Langley said the business was continuing to look for potential acquisitions and that a number of candidates had been considered during the period but that none were currently being followed up. The group employs around 4,200 people across its five divisions and 80 companies.
Koenig & Bauer Group (KBA) released its second quarter results for 2016 noting it will raise revenue and earnings targets for the full fiscal year. The positive financial expectations, according to the German press maker, are backed by what it describes as a successful drupa (May 31 to June 10, 2016) and a high order intake of €352.5m in its second quarter.

At €352.5 million, group order intake from April to June was up 17.2 percent year-on-year, although the group's figures for this quarter only contain around a third of orders placed at the drupa trade show which were in the triple-digit million euro range. The catch-up effect, explains KBA, will ensure additional stimulus in the second half-year as KBA traditionally only books orders that are fully documented and financially secure.

KBA reported half-year revenue of €553.9 million which is 30 percent above the prior year’s period. After six months, group order intake of €618.8 million was 1.9% percent higher than the prior year, which KBA also describes as strong. Revenue increased over the same period by 29.7 percent to €553 million.

KBA’s complete order backlog of €639.8 million secures workload beyond 2016. “This is a solid buffer for the second half-year and gives us ample security to raise our targets for 2016 despite existing economic and political turbulence,” said Claus Bolza-Schünemann, KBA President and CEO. “ We now expect an EBT margin of around four percent with group revenue between €1.1 and €1.2 billion."

KBA explains a rise of 30 percent in revenue compared to 2015, strong capacity utilization at KBA's facilities and cost savings from its restructuring program completed at the start of the year had a positive impact on earnings after six months despite high trade show and development costs. The company’s EBIT improved to €20.7 million compared to the prior-year loss of –€8.3 million A slightly negative interest result of –€2.9 million led to a group pre-tax profit (EBT) of €17.8 million. After deducting income tax expenses, group net profit came to €17.2 million (2015: –€9.3 million).

The company’s free cash flow stands at –€14.4 million, compared to –€25.2 million 12 months ago. Funds at the end of June 2016 came to €168.7 million. Less bank loans, KBA's net liquidity stood at €154.5 million.

KBA explains from the drupa trade show, which again brought in orders in the triple-digit million euro range for KBA's largest segment, sheetfed, around a third of these orders were already visible in the group's figures for the second quarter and the other two thirds will be booked in the coming months.
Electronics For Imaging yesterday announced results for its second quarter of 2016, ended June 30, 2016, with a record second quarter revenue of $245.7 million (all dollar amounts in U.S. funds), up 21 percent compared to second quarter 2015 revenue of $202.7 million.

“The EFI team delivered a solid quarter despite the disruption caused by global events during the last week of the quarter,” said Guy Gecht, CEO of EFI. “At the same time, EFI’s market position at the drupa tradeshow validated both our strategy and product roadmap, and we’re particularly encouraged by the exceptional reception to our new Nozomi platform.

The drupa momentum is feeding into the strength we are seeing in the Industrial Inkjet and Productivity Software segments,” continued Gecht, “which keep us on track to deliver our stated goal of $1 billion in revenues for the year.”

For the six months ended June 30, 2016, the company reported revenue of $479.8 million, which was also up 21 percent year-over-year compared to $397.3 million for the same period in 2015. GAAP net income was $7.3 million compared to $13.0 million for the same period in 2015.
German press maker Koenig & Bauer Group (KBA) announced its Q1 financial results ended with 46% more revenue and EBT was up €18 million, reaching €0.6 million, relative to the same quarter last year.

The company also explains its order intake of €266.3 million was higher than its quarterly revenue of €258.8 million, while “an order backlog of €582.4 million secures utilization well into autumn.”

At €258.8 million, group revenue in the first quarter was up 46% on the prior-year figure of €177.3 million. All three KBA segments posted gains in sales, with new presses for packaging printing climbing to over 70% of the total. The press maker's order backlog at the end of March stood at €582.4 million, an increase on the figure from the start of the year of €574.9 million.   

“Numerous optimisation measures are taking effect as planned. This quarter we thus improved earnings by over €18 million to +€2.1 million EBIT or +€0.6 million EBT year-on-year,” said KBA President and CEO Claus Bolza-Schünemann.

The group’s gross profit margin rose from 20.6% to 29.8%. EBIT this quarter came to +€2.1 million. In the first quarter of 2015, there was still a loss of €16.2 million. A slightly negative interest result of –€1.5 million led to a group pre-tax profit this quarter of €0.6 million compared to –€17.7 million the previous year. After deducting income tax expenses, group net profit at March 31 was €1.6 million (2015: –€16.9 million). This corresponds to earnings per share of €0.11 (2015: –€1.01).   

KBA states its largest segment, Sheetfed, is still on the right track with a 41% rise in revenue, a quarterly profit of €5.7 million (2015: –€2.7 million) and a high order backlog of €264 million. In the run-up to the industry’s leading trade show, drupa, beginning at the end of May and given longer lead times, KBA explains incoming orders of €135.7 million in this segment were below the unusually high order intake of €174.7 million in the first quarter of 2015 as expected.   
The volume of new orders in KBA's Digital & Web segment rose by 23% year-on-year and revenue more than doubled to €27.9 million. KBA explains the segment loss of –€1.8 million improved compared to 12 months ago (2015: –€8.7 million). The KBA management board expects positive earnings for the entire year given the growth in order backlog to €77 million.   

At €115.1 million (2015: €117.4 million) the volume of incoming orders in KBA's Special segment was roughly the same as the previous year’s figure (2015: €117.4 million). Revenue grew by some 40% to €88.6 million. At €0.2 million, the quarterly profit was below the prior year (€1.2 million), whereby KBA explains the project execution of a security press order led to delays impacting on profit. KBA states earnings are expected to improve further over the coming quarters as planned given the strong order backlog.

Adobe reported record quarterly revenue of US$1.38 billion, representing year-over-year growth of 25 percent, for its current fiscal first quarter, fueled by the adoption of cloud-based products.

“Every day, more brands, government agencies and educational institutions globally are choosing to base their digital strategies on Adobe’s content and data platforms,” said Shantanu Narayen, Adobe President and CEO. “Our exceptional performance in Q1 is an indicator of the strong momentum we are seeing across our cloud businesses as we drive the experience economy.”

The company’s Digital Media segment revenue grew by 33 percent year-over-year to a record US$932 million, with Creative revenue growing 44 percent year-over-year to a record US$733 million.

Adobe explains Creative Cloud adoption drove its Digital Media Annualized Recurring Revenue (“ARR”) to US$3.13 billion exiting the quarter, an increase of US$246 million. Adobe Marketing Cloud achieved record revenue of US$377 million that represents year-over-year growth of 21 percent.

Year-over-year operating income for the company grew 78 percent and net income grew 200 percent on a GAAP-basis; operating income and net income both grew 48 percent on a non-GAAP basis.

Cash flow from operations was US$498 million and the company repurchased approximately 1.5 million shares during the quarter, returning US$133 million of cash to stockholders.

“We are pleased to report another record quarter with 25 percent year-over-year revenue growth. Strong Cloud adoption drove record Creative and Marketing Cloud revenue in Q1, and better-than-expected Digital Media ARR," said Mark Garrett, Adobe CFO. “Based on our strong Q1 results and business momentum, we are increasing our annual revenue and earnings targets for the year.”

manroland web systems of Augsburg, Germany, released its 2015 year-end results (December 31, 2015), which the company states as holding a significant increase in profit and market share. With a profit margin of around three percent, the printing press manufacturer’s result increases to 6.2 million euros ($9.6 million Canadian).

The company also reports its market share in new press business for web offset systems grew to 45 percent, while also noting growth in manroland web’s increasing interests in postpress equipment sales, branded as FoldLine and FormerLine.

The incoming orders taken by manroland web grew by more than 10 percent to around 260 million euros in comparison to 2014. The global market share for new web offset printing presses is around 45 percent (36 percent previous year).

The fully completed restructuring measures from 2014 as well as the improved situation in use of capacities have also had a major impact.

“In 2015, the manroland web systems company group generated a positive operating result of 6.2 million euros before interest and taxes (EBIT). An order backlog in new press business of more than 150 million euros gives reason to expect good use of factory capacities and a further increase in profitability for manroland web systems in 2016,” said Jörn Gossé, Managing Director, manroland web.

Not including external personnel and trainees, the company had a total staff of 1,200 worldwide, 1,068 of which are at the Augsburg site. The company is currently training 63 young people in total in various technical and commercial professions and will be offering 16 new traineeship placements starting in September 2016.
Heidelberger Druckmaschinen AG reports it has ended the latest quarter with a positive net result after taxes, and that its net result before taxes after nine months (April 1 to December 31, 2015) reached the break-even point. Based on these numbers, the German press maker explains, following its recent realignment, it is on track to record a positive net result after taxes for financial year 2015/2016.

“We’ve made good progress with our goal of ensuring long-term profitability at Heidelberg. Our new portfolio is more closely geared toward stable market segments, is more profitable, and creates the conditions for further growth,” said Heidelberg CEO Gerold Linzbach.   

Group sales were 16 percent up on the equivalent nine months of the previous year at €1.802 billion (previous year: €1.552 billion). This figure includes positive exchange rate effects amounting to €93 million.

Heidelberg explains the successful integration of the newly acquired PSG Group made a substantial contribution to the higher sales, while the Heidelberg Services segment accounted for almost half of the company’s sales after nine months.

At a regional level, Heidelberg states sales were well up in North America and Europe, while Eastern Europe and Latin America remained stable. In the third quarter, however, Heidelberg explains subdued market development in China was reflected by a fall in orders. Total incoming orders in the reporting period were significantly higher than in the previous year at €1.904 billion (previous year: €1.780 billion).            

Heidelberg’s EBITDA excluding special items as at December 31, 2015, increased to €119 million (previous year: €80 million), while EBIT excluding special items doubled to €65 million (previous year: €29 million). The Heidelberg Services segment is still on target to achieve the planned EBITDA margin of nine to 11 percent. Regional weaknesses, especially in China, mean the Heidelberg Equipment segment has not yet been able to reach the expected EBITDA target margin of four to six percent.

Heidelberg’s pre-tax result after nine months reached the break-even point (€0 million; previous year: €–92 million). The net result after taxes for the third quarter improved by €60 million to €7 million (previous year: €–53 million) and the nine-month figure of €–7 million, explains Heidelberg, was better than the €–95 million recorded for the equivalent period of the previous year.  

The company’s free cash flow after nine months was €–37 million (previous year: €–16 million), based primarily on restructuring costs and the PSG acquisition. The net debt for the quarter under review was at €282 million (March 31, 2015: €256 million).

“We have created the financial scope to finance acquisitions and invest in growth and innovation. In the future, we will keep working on further optimizing our financing framework and ensuring the continued strategic development of Heidelberg,” said CFO Dirk Kaliebe. 

Langley Holdings plc, the engineering and industrial group that controls manroland Sheetfed, released its annual results for the year ended 31 December, 2015.

The group reported a pre-tax profit of €106.7 million ($167 million Canadian) on revenues of €874.5 million ($1.37 billion Canadian). Langley Holdings also reported it had zero debt and close to €330 million of cash reserves at year end.

During his Chairman’s Review, Tony Langley said 2015 had been a “significant milestone” for a number of reasons. manroland Sheetfed, the largest of the group's five divisions, in revenue and employee terms, was in positive territory for the fourth year in succession, since acquiring the printing press builder in early 2012.

Langley Holdings, however, pointed to Piller, which develops electrical systems for data centres, and ARO, which develops automobile welding machinery, as its principal revenue drivers of 2015, with both Piller and ARO posting near record profits.

Claudius Peters, the group's plant machinery builder, was in line with modest expectations due to widely sluggish cement and steel markets, according to Langley. Druck Chemie, the chemicals producer, which completed its first full year in the group, and Bradman Lake, the packaging machinery specialist, both reported what Langley Holdings describes as satisfactory results.

Tony Langley also noted the company had opening order books totaling €300 million, stating that he expects 2016 will be a successful year and that the group will continue to search out new acquisition opportunities.

Langley Holdings plc was founded in 1975, by Tony Langley, and currently employs around 4,300 people worldwide.
Transcontinental Inc. announced it is transferring its marketing product printing activities from Transcontinental Québec to other plants in its network, principally to Transcontinental Interglobe in Beauce, Quebec.

The reorganization is to result in the closure of the Transcontinental Québec plant located in Quebec City by April 30, 2016. The plant closure will result in approximately 140 layoffs.

“Conditions in the print market are changing and we must continuously adapt,” said Jacques Grégoire, President of TC Transcontinental Printing. “In this context, we need to review our equipment utilization to better optimize our platform. We regret having to make this decision which affects our employees and would like to thank them for their dedication to our organization.”                                        

TC Transcontinental currently has over 8,000 employees in Canada and the United States, generating revenues of $2.0 billion in 2015.

Xerox, during its year-end financial presentation, announced a new plan to separate into two independent publicly traded companies, Document Technology and Business Process Outsourcing.

The Document Technology company, according to Xerox, will focus on document management and document outsourcing, while the Business Process Outsourcing (BPO) company will focus on helping clients improve the flow of work by leveraging Xerox’ expertise in managing transaction-intensive processes and applying technology to automate and simplify business processes.

The Document Technology company alone would have generated approximately US$11 billion in 2015 revenue. The BPO company would have generated approximately US$7 billion in 2015 revenue. Xerox notes more than 90 percent of the BPO revenue to be annuity based. Xerox states it is focused on attractive growth markets including transportation, healthcare, commercial and government services.

The leadership and names of the two companies will be determined as the separation process progresses. “I am confident that the extensive structural review we conducted over the last few months has produced the right path forward for our company,” said Ursula Burns, chairman and chief executive officer of Xerox. “We will now position the companies for success and execute our plan to separate them in the shortest possible timeframe while continuing to focus on achieving our 2016 goals.”

Xerox also announced a new three-year strategic transformation program targeting a cumulative US$2.4 billion savings across all segments. The program is inclusive of ongoing activities and US$600 million of incremental transformation initiatives. The company expects US$700 million in annualized savings in 2016.
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