Fujifilm to cut 10,000 jobs at joint venture with Xerox

Fujifilm Holdings Corporation is cutting 10,000 jobs globally at its joint venture with Xerox Corp, to overhaul the photocopying business amid a tough market environment.

The Japanese company said it would book restructuring costs of $49 billion yen in the current fiscal year, lowering its operating profit forecast for the year to 130 billion yen from a previous 185 billion yen outlook.

The photography company said the restructuring would lower annual costs by 50 billion yen from the year ending March 2020, reports Reuters.

Earlier, the Wall Street Journal reported citing people familiar with the matter that Xerox Corp is nearing a deal with Fujifilm that would cede control of the US photocopier pioneer to Fujifilm.