Xerox buys Lexmark for $1.5 billion to build US printer giant capable of rivaling HP

Date:
Tue, 24 Dec 2024 11:31:10 +0000

Description:
Xerox is buying Lexmark in $1.5 billion deal which could build a printer
giant capable of taking on HP.

FULL STORY ======================================================================Lexmark acquisition will strengthen Xerox as it seeks to improve footprint in enterprise market Lexmark was IBM's former printer arm and, like its PCs and servers, was sold to Chinese investors Xerox faces huge competition from HP, Epson and Canon

Xerox has announced an agreement to acquire Lexmark in a deal valued at $1.5 billion which will create a new global printer giant.

The company says the deal will allow Xerox to expand its print portfolio, as well as broaden its global footprint and service offerings.

Our acquisition of Lexmark will bring together two industry-leading companies with shared values, complementary strengths, and a deep commitment to advancing the print industry to create one stronger organization, said Steve Bandrowczak, CEO at Xerox. By combining our capabilities, we will be better positioned to drive long-term profitable growth and serve our clients, furthering our Reinvention." Strengthening Xeroxs position

Lexmark, founded in 1991 as a spinoff from IBMs printer division, has been offering imaging solutions and technologies like printers and multifunction devices for more than three decades. Still headquartered in Lexington, Kentucky, the company was acquired by Chinese investors in 2016 but is now preparing to welcome a new owner.

The integration of Lexmarks imaging technologies with Xeroxs ConnectKey technology and advanced print and digital services is intended to create a comprehensive product portfolio. This move will also strengthen Xeroxs position in the A4 color market and increase its presence in regions like Asia-Pacific.

Together, Lexmark and Xerox hold a top five global share in entry, mid, and production print markets and play a major role in the managed print services industry.

The combined organization will serve over 200,000 clients across 170 countries, supported by 125 manufacturing and distribution facilities in 16 countries, but it faces tough competition from established players like HP, Epson and Canon.

Lexmark has a proud history of serving our customers with world-class technology, solutions and services, and we are excited to join Xerox and expand our reach with shared talent and a stronger portfolio of offerings, said Allen Waugerman, Lexmark president and chief executive officer. Lexmark and Xerox are two great companies that together will be even greater.

Subject to regulatory and shareholder approvals, the deal is expected to
close in the second half of 2025. Until then, both companies will continue to operate independently. You might also like We've rounded up the best photo printers around today And here are the best home printers on offer HP CEO
just let slip a major issue with its printing strategy - and it's going to cost you



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Link to news story: https://www.techradar.com/pro/xerox-buys-lexmark-for-usd1-5-billion-to-build-u s-printer-giant-capable-of-rivaling-hp


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