Xerox (NYSE:XRX) Vice Chairman and CEO John Visentin today sent a letter to Fujifilm Chairman Shigetaka Komori responding to the lawsuit filed by Fujifilm last week.
“Fujifilm should realize that the internal accounting issues at Fuji Xerox were a result of their mismanagement, which made it impossible to close the announced transaction,” said Visentin. “We cannot stand by and let them further harm our iconic brand. The lawsuit is nothing more than a desperate and misguided negotiating ploy to save their takeover attempt, which to this day remains enjoined by order of the New York State Supreme Court, and could take our focus away from serving our customers.”
“Our focus is on running the business in the service of our thousands of customers and partners and delivering exceptional value through market-leading services, products and delivery capabilities,” added Visentin.
“Fujifilm’s actions have forced us to move forward on several fronts to protect our supply chain. First, we will start, in a material way, to source products from new vendors. Second, we will build partnerships with companies that are aligned with the Xerox mission to provide world-class technology and solutions. Third, we currently believe Xerox will be much better served by not renewing our Technology Agreement with Fuji Xerox when it expires. We will detail for our shareholders the enormous opportunity for Xerox to sell products directly into the growing Asia-Pacific market with sole and exclusive use of the valuable Xerox name, and a more efficient, better managed supply chain than exists with Fuji Xerox today.”
“Xerox is a proven technology innovator and an exceptionally resilient company; we remain steadfastly focused on creating shareholder value through our renowned innovation capabilities, globally recognized brand, and leading market presence.”