XEROX : TO SPEND BIG MONEY FOR OHIO DEALER

[Anonymous]

http://www.ohio.com/business/38739954.html
Xerox prepared to expand in Ohio
Despite record-setting sales of $125 million last year, ComDoc agrees to acquisition
Xerox
is counting on a venerable office equipment supplier in Green to help
it reach some 14,000 new customers in Ohio and beyond.ComDoc,
an employee-owned company founded in 1955 that has grown to more than
600 employees in four states, is expected to be acquired by the end of
February.When
the ink dries, ComDoc will become part of Global Imaging Systems (GIS),
which was purchased by Xerox in 2007. GIS, a wholly owned subsidiary,
operates small and mid-sized regional businesses that sell and service
office technology, including printers, copiers, scanners and fax
machines.

ComDoc
Chief Executive Officer Riley Lochridge — who was named the Sales and
Marketing Executives International 2007 Executive of the Year — said
the decision to be acquired was not made from a position of
weaknessComDoc had a record-setting $125 million in sales last
year.”An
offer was made that we think was good for our employees and our
shareholders, . . . and it will be good for our customers,” Lochridge
said.And
in a ”’rapidly consolidating marketplace,” he said, joining forces
will make the company even stronger and more competitive.

GIS has made a half-dozen
acquisitions since being purchased by Xerox, according to Xerox spokesman Carl Langsenkamp.”We
try to find dealers that are well-known and have a good customer
base,” he said. ”ComDoc had good, key cities . . . and GIS didn’t
have any operations in Ohio, so this opened up that opportunity.”After
the acquisition, GIS will have a presence in 29 states.ComDoc,
which currently doesn’t sell Xerox products, would continue to sell and
maintain the equipment of Xerox competitors for its customers.But
hopefully, Langsenkamp said, those customers will eventually be
”converted” to Xerox.No
management changes are expected, and the acquisition will not result in
any staff cuts, Lochridge said, although he noted that ComDoc will
react to economic factors ”no differently than we would have had we
maintained our independence.’.Langsenkamp
confirmed very little would change, citing the history with other Xerox
acquisitions.”It is the intention for GIS to walk into a good,
well-run organization and keep it good and well-run,” he
said.Lochridge
said the broad experience and best practices of GIS and Xerox companies
will be of great benefit to ComDoc operations while nurturing the
”teamwork and camaraderie” that employees currently enjoy.”Our
corporate vision will continue to be a great place to work and a great
place to be a customer,” he said.ComDoc’s
employee-owners and shareholders will share in proceeds from the sale,
as the company will no longer be employee-owned, Lochridge said. Xerox,
based in Norwalk, Conn., is a publicly traded company.No other details
will be released until the deal closes, likely next month.

[Author]

February 3, 2009 at 4:55 PM