Japanese technology firm Fujifilm on Wednesday announced 10,000 job cuts by March 2020 at its Fuji Xerox subsidiary, which it said was facing an "increasingly severe" market environment. In a major shake-up, Fujifilm also announced it would be combining Fuji Xerox with US giant Xerox, bringing both companies under its umbrella to create what it said was the world's largest "document solutions company" by revenue.
As part of a cost-cutting package that it hopes will save 50 billion yen ($460 million), Fujifilm announced "personnel reductions of 10,000 people domestically and overseas" at Fuji Xerox. Founded in 1934, Fujifilm became synonymous with the photography business but has since expanded into cosmetics and medical equipment.
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