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Fujitsu to Transfer Printer Systems Operations to Fuji Xerox

Press release from the issuing company

December 27, 2002 -- Fuji Xerox Co., Ltd. and Fujitsu Limited have reached a final agreement on the transfer of Fujitsu's printer systems business to Fuji Xerox, and today signed articles of agreement for the transfer. The contract contents are as follows: 1. Fujitsu transfers to Fuji Xerox its printer systems development and manufacturing operations, as well as its related wholesale business for sales of consumable products to affiliated companies. The transfer excludes Fujitsu's personal computer-related printer business. 2. Fuji Xerox will acquire Fujitsu's assets related to the operations being transferred, and Fujitsu employees engaged in these operations will be transferred to Fuji Xerox. 3. Even after the transfer, however, Fujitsu will continue to market and provide maintenance services for printer systems to its customers. With its state-of-the-art color laser printer engine and image processing technology, Fuji Xerox is a leader in the document solutions business. From low-end desktop printers to high-speed high-end printers, the company has positioned its full line of laser printers as one of its core businesses over a medium term. With this transfer, Fuji Xerox will leverage technologies to handle backbone information systems, together with the engine technology for super high-speed continuous business form printers, which has been an advantage of the company, further strengthening its printer business. Fujitsu has been undertaking various measures in conjunction with the major structural reform program and mid-term strategy for achieving new growth opportunities that it announced last year. In accordance with these measures, and after reviewing its growth strategy for the printer systems business, in which it has noted strengths in high-speed printing and controller technologies, the company determined that the needs of its customers would best be served by partnering with Fuji Xerox rather than continuing to develop the business on its own. The two companies reached a final agreement on the transfer, as the move, which builds on close cooperation in the document solutions business, is intended to allow both companies to focus on their strategic priorities.