HEIDELBERG and Metsä Board unite with new strategic collaboration
As part of a new collaboration, HEIDELBERG and Metsä Board will join forces to develop a range of new packaging innovations
Xerox has completed its acquisition of print manufacturer Lexmark, with the combined organisation now serving over 200,000 clients in over 170 countries
Yesterday (July 1st), Xerox completed its acquisition of US manufacturer, Lexmark, which it purchased from Ninestar, PAG Asia Capital, and Shanghai Shouda Investment Centre.
The transaction, first announced in January, was valued at time of purchase at $1.5bn (£1.2bn) inclusive of net debt and assumed liabilities. According to Xerox, the acquisition was made to strengthen its core print portfolio.
US-based Lexmark was already a partner and supplier of printers to Xerox including a range of multifunction printers.
According to Xerox, the acquisition of Lexmark means that it stands among the top five in every major print segment, further claiming that it is now the market leader in managed print services.
The combined organisation will reportedly serve over 200,000 clients in over 170 countries and operate 125 manufacturing and distribution facilities in 16 countries.
In May, Xerox announced that two Lexmark executives, Chuck Butler and Billy Spears, will join its executive committee as part of its acquisition of the company.
Allen Waugerman will step down as Lexmark president and chief executive officer following the completion of the purchase.
Speaking of the acquisition, Waugerman says: “Today is a pivotal moment for Xerox and Lexmark as these two great companies combine to shape the future of the printing industry. Leading Lexmark has been an incredible opportunity, and I look forward to the accomplishments that lie ahead.”
Steve Bandrowczak will remain chief executive officer of Xerox, with an executive team comprised of both Xerox and Lexmark leaders.
Bandrowczak says: “We've long admired Lexmark’s strong print and managed print services reputation, robust client and partner base, and global presence.
“Over the years we’ve built a collaborative partnership, and today we take our business to the next level. Together we will drive greater success for our clients and partners through a broader portfolio of print and managed print solutions, furthering our reinvention and solidifying our path toward long-term profitable growth.”
