Almost a year after it was announced, digital printer maker Xerox has completed the split of its business into two, creating a new business process outsourcing company called Conduent.
Xerox Corporation retains its focus as 'The Document Technology company', which had approximately US$11 billion in 2015 revenue.
Xerox chief executive Jeff Jacobson described the completion into two publicly-traded companies as an historic day: "The successful completion of the separation sharpens our market focus and commitment to our customers. I am confident the transformational actions we are implementing position Xerox for long-term success and unlocks shareholder value."
Xerox will focus on growing its position in digital print technology and services, and Jacobson says the revitalised business strategy will enable strong free cash flow generation and margin expansion, as well as targeted investments in growth areas.
Under the terms of the separation, Xerox shareholders received one Conduent share for every five shares of Xerox they held. Xerox also received cash of $1.8 billion from Conduent, which it will use to retire debt.
Conduent Incorporated had revenue of approximately $7 billion in 2015.
Pictured: Leadership team members, employees and customers celebrate by ringing the opening bell at the NYSE
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