Fujifilm/Xerox joint venture to cut ties with 10,000 employees

(FinancialPress) — Fujifilm and Xerox‘s joint venture in Asia is set to make substantial cuts in its workforce, as the companies ready up to lay off 10,000 workers.

The cuts will be executed as part of a restructuring effort by the company, which sees its market share diminishing in the face of increased and harder competition – said Fujifilm in a Wednesday-released statement.

“The market environment … has grown increasingly severe,” read the statement

“A fundamental structural reform will be implemented to attain sturdy footing by improving profitability and productivity.”

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