Xerox announced on Thursday it will implement a structure in which it will become a wholly owned unit of a new holding company, saying the reorganization will provide strategic, operational and financial flexibility.
Expected to be implemented in mid-2019, the reorganization will not change business operations, directors or executive officers, the Norwalk, Connecticut, company says. It explains a holding company structure will enable it to lower its tax bill, and help protect patents and diversify its businesses.
The new holding company’s shares will trade on the New York Stock Exchange under its current ticker symbol of “XRX.”
Last May Xerox scrapped a proposed US$6.1-billion deal to merge with Fujifilm Holdings Corp. of Japan after strong opposition from Xerox stakeholders Carl Icahn and Darwin Deason. In late May, Xerox Board of Directors formally appointed John Visentin Chief Executive Officer and Vice Chairman of the Board, and Keith Cozza was named Chairman of the Board of Directors.
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