Xerox sells Fuji stake

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New York--Following through on a turnaround plan announced in October, Xerox Corp. agreed Tuesday to sell 50% of its stake in Fuji Photo Film Co. for more than $1.3 billion in cash. Xerox will retain a 25% stake in Fuji and will maintain product and technology agreements with the company. The sale will result in an after-tax gain of about $310 million and gets Xerox closer to its goal of raising $2 billion to $4 billion as part of its restructuring plan. Xerox is also in talks to sell Xerox Engineering Systems and its interest in some of its spinoff companies, including ContentGuard Holdings Inc. and Inxight Software Inc. On Tuesday Xerox shares closed at nearly $7, down significantly from the 52-week high of $29 but nearly double the 52-week low of $3.75.
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