Norwalk-Connecticut-based Xerox Corporation has just announced that it’s splitting itself into two separate firms. The first company will consist of its hardware operations while the second will handle its services business. With the separation, Xerox will basically negate its purchase of Affiliated Computer Services which it bought in 2010 for $6.2 billion (USD).
That deal helped Xerox expand into markets such as automating electronic payments for governments and processing claims for insurers. In October, Xerox reported Q3 services revenue of $2.4 billion, and document technology sales of $1.8 billion. But since then, Xerox shares and other business have fallen.
Investor and entrepreneur Carl Icahn is expected to receive three board seats on the services company’s board. His current investment in Xerox is 8%, and he previously said he intends to improve overall performance in several areas. The 79-year-old shareholder has also invested in other technology-related companies including EBay and Apple. The New York-based investor is worth about $19 billion.
Thus far, no other comments have been officially released from Xerox, especially regarding its press manufacturing and other printing-related business activities.
Xerox splits into two companies
