As the ink dries on the final stage of Xerox’s acquisition of leading global laser printer manufacturer, Lexmark, Xerox CEO Steve Bandrowczak says: “With this acquisition, Xerox now stands among the top five in every major print segment and is the market leader in managed print services.”
With the acquisition of Lexmark, Xerox now claims to be among the top five in every major print segment and the market leader in managed print services.
Brandrowczak continues: “This acquisition brings together two industry-leading companies, with shared values,
Xerox CEO Steve Bandrowczak complementary strengths, and a deep commitment to advancing the print industry. It will leave us better-positioned than ever to drive ling-term profitable growth by adding exposure to growing parts of the print market, manufacturing capacity and expanding our distribution reach.”
Xerox purchased Lexmark from the consortium of Chinese investors that bought it in 2016, which includes Ninestar Corporation, PAG Asia Capital, and Shanghai Shouda Investment Centre. The transaction is valued at USD$1.5bn, inclusive of net debt and assumed liabilities.
The acquisition forms part of Xerox’s ‘reinvention’ strategy, which has seen the company reduce its workforce, cut legacy machine production, focus on its digital and print services, release multiple new print products, and forge new partnerships.
To cement the acquisition, a unified leadership team comprised of Xerox and Lexmark senior executives has been announced, with Bandrowczak to remain at the helm as CEO of Xerox. Former Lexmark president and CEO, Allen Waugerman, stood down from his role with grace, saying: “Today is a pivotal moment for Xerox and Lexmark as these two great companies combine to shape the future of the printing industry.”
The combined organisation will serve over 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.
