Xerox, one of the most famous companies in the world, has announced a new restructuring plan and will reduce its workforce by 15%, or more than 3,000 people. Xerox has fallen significantly and has a market capitalization of less than $2 billion, a far cry from the $15 billion it reached in 2014.
Xerox has more than 20,000 employees and says it will “renew” itself with a restructuring plan aimed at simplifying and making the business more efficient. This plan also foresees the layoff of 15% of the workforce in the first months of 2024.
In 2018, there was an attempted merger between Xerox and Fujifilm, but shareholders rejected it, and in 2019, Xerox attempted a hostile takeover of HP for $35 billion, but HP rejected it, citing concerns about Xerox’s financial situation.
Xerox is famous for its copiers, but the company has taken its time to change its business model and adapt to a digital world that no longer requires so much ink and cartridges.
Xerox tried to focus on the business side and services that help customers manage the flow of documents to human resources.
Xerox tried to become a big name in the field of 3D printing, but it did not succeed.
Sources: New York Times, CNBC
Photo source: Dreamstime.com
Source: Hot News
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