XEROX LAY-OFF 2,500 WORKERS SO IT CAN BUY IRISH BUSS SYSTEMS

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XEROX LAY-OFF 2,500 WORKERS SO IT CAN BUY IRISH BUSS SYSTEMS

 user 2010-01-25 at 11:10:54 am Views: 52
  • #23270

    XEROX REVENUE DOWN ,TO LAY-OFF 2,500 WORKERS 
    Xerox has announced plans to cut 2,500 jobs or 5% of its workforce as part of a cost-cutting strategy to save around $200m a year.The company said some of the job cuts will occur in Europe without giving an exact number. It said the restructuring would cost more than $200m this year with $30m related to its $6.4bn acquisition of IT services vendor Affiliated Computer Services  The company has cut 3,500 jobs since late 2008.In September, the company announced plans to acquire ACS to move into the growing IT outsourcing business. Earlier this week, the European Commission cleared the company to go ahead with the acquisition. The company expects to close the deal next month.

    The company’s income
    and revenue has been declining in the last few quarters. In October, it reported a 52% decline in net income to $129m for the third quarter 2009, on revenue down 16% at $3.7bn. The workforce reduction could be one way the company is planning to shore up its revenues.Xerox quarterly revenues fell 3.4% to $4.22 billion and net income was
    $180 million or 20 cents a share. New York – Xerox Corporation revenue fell 3.4% and net income
    was $180 million.

    http://www.tradingmarkets.com/news/stock-alert/acs_xrx_xerox-to-cut-2-500-jobs-724852.html

    Xerox acquires Irish Business Systems
    Global document management firm Xerox has acquired managed print services provider Irish Business Systems (IBS) for about US$31 million (€21 million).
    The acquisition by Xerox, which employs 700 people across the Republic and Northern Ireland, is set to expand its customer reach across Ireland with access to more than 11,000 customers across the country, including Dublin, Belfast, Cork, Galway and Limerick through IBS offices, of which there are eight in total.

    As part of its channel expansion strategy in Europe, this is Xerox’s second European acquisition in the last two years and eighth global acquisition.IBS, founded in 1972 and headquartered in Cork, sells products from another supplier. It will now begin selling Xerox’s range of document management products.“With this acquisition, Xerox will increase its presence in all parts of Ireland,” said Douraid Zaghouani, senior vice-president, European Channels Group, Xerox Europe.“IBS is a strong office technology and managed print services provider in Ireland. Their extensive distribution and customer support complement the benefits of Xerox’s technology and solutions. Together, we strengthen the value proposition we bring to small and mid-size businesses as well as expanding our managed print services offerings.”

    IBS will retain its name and operate as a wholly owned subsidiary of Xerox with founder Jerry Carey continuing to head the company while reporting directly to Douraid Zaghouani, senior vice-president, European Channels Group, Xerox Europe.
    http://www.siliconrepublic.com/news/article/14930/business/xerox-acquires-irish-business-systems