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Xerox Completes Sale of Half of Fuji Xerox Stake For $1.3 Billion Cash

Press release from the issuing company

STAMFORD, Conn., March 30, 2001 -- Xerox (NYSE: XRX) today confirmed that it has completed the sale of half of its stake in Fuji Xerox Co., Ltd. to Fuji Photo Film Co., Ltd. for 160 billion Yen in cash, approximately $1.3 billion based on the current exchange rate. Under the agreement, Fujifilm's ownership interest in Fuji Xerox increases from 50 percent to 75 percent. While Xerox's ownership interest is decreased to 25 percent, the company retains significant rights as a minority shareholder. All product and technology agreements between Xerox and Fuji Xerox will continue, ensuring that the two companies retain uninterrupted access to each other's portfolio of patents. Fuji Xerox, incorporated in 1962, is an $8 billion corporation with more than 30,000 employees in the Asia Pacific and Pacific Rim regions.