Deals
Xerox Splitting in Two as It Grapples With Changing Market
- One company will focus on services; the other on hardware
- Investor Icahn will get three board seats on services company
Xerox CEO: Icahn Didn't Drive Split Decision
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Xerox Corp. is rewinding the clock, splitting off a services business it acquired a little more than five years ago -- the latest tech giant taking drastic action to cope with a rapidly changing marketplace.
By year-end, Xerox said Friday in a statement, it will separate into two publicly traded entities: an $11 billion document technology company based around the namesake copier and scanner hardware; and a $7 billion provider of services to government and industries such as health care and transportation.