Xerox (NYSE: XRX) Vice Chairman and CEO John Visentin today sent a letter to Fujifilm Chairman Shigetaka Komori responding to the lawsuit filed by Fujifilm last week.
“Fujifilm should realize that the internal accounting issues at Fuji Xerox were a result of their mismanagement, which made it impossible to close the announced transaction” said Visentin. “We cannot stand by and let them further harm our iconic brand. The lawsuit is nothing more than a desperate and misguided negotiating ploy to save their takeover attempt, which to this day remains enjoined by order of the New York State Supreme Court, and could take our focus away from serving our customers.”
“Our focus is on running the business in the service of our thousands of customers and partners and delivering exceptional value through market-leading services, products and delivery capabilities,” added Visentin.
“Fujifilm’s actions have forced us to move forward on several fronts to protect our supply chain. First, we will start, in a material way, to source products from new vendors. Second, we will build partnerships with companies that are aligned with the Xerox mission to provide world-class technology and solutions. Third, we currently believe Xerox will be much better served by not renewing our Technology Agreement with Fuji Xerox when it expires. We will detail for our shareholders the enormous opportunity for Xerox to sell products directly into the growing Asia-Pacific market with sole and exclusive use of the valuable Xerox name, and a more efficient, better managed supply chain than exists with Fuji Xerox today.”
“Xerox is a proven technology innovator and an exceptionally resilient company; we remain steadfastly focused on creating shareholder value through our renowned innovation capabilities, globally recognized brand, and leading market presence.”
The full letter can be found here.
Xerox Corporation is a technology leader that innovates the way the world communicates, connects and works. We understand what’s at the heart of sharing information – and all of the forms it can take. We embrace the integration of paper and digital, the increasing requirement for mobility, and the need for seamless integration between work and personal worlds. Every day, our innovative print technologies and intelligent work solutions help people communicate and work better. Discover more at www.xerox.com and follow us on Twitter at @Xerox.
Cautionary Statement Regarding Forward-Looking Statements
This communication, and other written or oral statements made from time to time by management contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “should”, “plan”, “moving”, “intend”, “would”, “will” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements reflect management’s current beliefs, assumptions and expectations and are subject to a number of factors that may cause actual results to differ materially. Such factors include but are not limited to: our ability to protect our supply chain, source products from new vendors and build new partnerships with companies that are aligned with Xerox’s mission; the outcome of any litigation with Fujifilm; the continuing review of Fujifilm’s oversight and governance of Fuji Xerox, as well as Fuji Xerox’s oversight and governance over its own businesses in light of Fuji Xerox’s internal accounting practices, among other issues; Xerox’s plans with respect to its Technology Agreement with Fuji Xerox; the results of any process to evaluate strategic alternatives and create shareholder value; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections of our 2017 Annual Report on Form 10-K, as well as our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.