Fujifilm Holdings Corp. on Thursday renamed its office equipment making subsidiary Fuji Xerox Co. to Fujifilm Business Innovation Corp., the first name change since its founding in 1962, after ending a brand license contract with Xerox Corp.
Fujifilm said in January last year it would not renew its contract with Xerox on sales cooperation and the right to use the U.S. manufacturer's brand.
The announcement was made after Fujifilm scrapped its plan, announced in 2018, to merge with Xerox due to strong opposition from the U.S. maker's major shareholders.
Following the termination of the contract with Xerox, the Fujifilm unit is able to expand its sales to the United States and Europe -- the major markets formerly assigned to Xerox -- from the Asia-Pacific region.
"We would like to increase our market share globally," Fujifilm Business Innovation President and CEO Hisanori Makaya told reporters at an event to unveil its new copy machine.
Fujifilm made Fuji Xerox a wholly owned business in November 2019.
