George Conboy of Brighton Securities weighs in on Xerox-Fujifilm deal
Xerox has reached a deal that will turn control of the company over to Fujifilm.
The combined company will be called "Fuji Xerox."
It will keep Xerox's listing on the New York Stock Exchange, and Xerox's CEO will stay on to lead the new company.
Xerox shareholders would own just under half of the company. A statement on the Xerox website says the combined company will be headquartered in both Norwalk, Connecticut and Minato, Tokyo, Japan
The joint venture will reportedly eliminate 10,000 jobs around the world. However it's not clear if any cuts will happen in the Rochester area.
Xerox announced last week it would be leaving its Tower in Downtown Rochester and relocating to available space at its Webster campus.
Wednesday morning on Good Day Rochester, George Conboy of Brighton Securities discussed what the new agreement could mean for Rochester.
Conboy says the 10,000 job cuts include jobs from Fujifilm, not just Xerox.
He also says new technology has hurt Xerox, and says this move can be traced back about 10 years.
Watch the full interview here: