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Xerox Forming Joint Venture For Vendor Financing In The Netherlands

Press release from the issuing company

STAMFORD, Conn.- Dec. 13, 2001--Xerox has announced that it is forming a joint venture with De Lage Landen International BV (DLL) to manage equipment financing for Xerox customers in the Netherlands. DLL, a subsidiary of the Dutch Rabobank Group, will own 51 percent of the new venture with Xerox owning 49 percent. As part of the companies' agreement, DLL is providing the funding to support new equipment leases. Effective Dec. 14, the joint venture, named Xerox Financial Services BV, will manage the financing, billing and collections for all new Xerox financed equipment orders in the Netherlands. In October of last year, Xerox announced its plan to transition to third-party equipment financing as part of its turnaround strategy. Over time, this is expected to remove as much as $10 billion in equipment financing-related debt from the Xerox balance sheet and reduce the company's future cash requirements. Xerox has recently announced framework agreements with GE Capital to be the primary equipment financing provider for Xerox customers in the United States and Canada. Earlier this year, Xerox signed an agreement with Resonia Leasing AB to provide exclusive equipment financing for Xerox customers in Denmark, Sweden, Finland and Norway.