(Reuters) - Xerox Corp said on Monday it would start sourcing products from new vendors to lower its dependency on Fujifilm Holdings Corp and may not renew its technology agreement with the 56-year-old joint venture Fuji Xerox.
Fujifilm sued Xerox last week for well over $1 billion, faulting the printer and copier company for succumbing to pressure from activist investors Carl Icahn and Darwin Deason in calling off a proposed merger agreed in January.
In a letter to Fujifilm Chief Executive Officer Shigetaka Komori, Xerox’s newly appointed CEO, John Visentin, cited “massive and ongoing accounting fraud at Fuji Xerox” and “numerous contractual breaches” as grounds to not renew the joint venture when it expires in 2021. read the rest here