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WDKX.com » Blog » Xerox Cutting 2,500 Jobs; Impact On Rochester Unclear
Nov 14th 2012 6:12 am
Xerox Cutting 2,500 Jobs; Impact On Rochester Unclear
by News


Xerox officials released more details about restructuring plans Tuesday.

At an investor conference in New York City, officials revealed that they expect about 2,500 jobs to be cut on a worldwide basis.

No word yet on how many jobs might be affected in the Rochester area.

A spokeswoman said the majority of the layoffs will be in the services side of the business. In the Rochester area, more of the businesses are on the technology side of the business, such as in manufacturing, than services.

Xerox expects a restructuring charge of $100 million in the 4th quarter.

CEO Ursula Burns indicated the company has the right strategy, but needs to take steps to meet the challenges it is facing globally.

The company predicted its services business will expand to two- thirds of revenue in 2017 from about half this year.

The company expects to allocate at least $400 million in cash for share repurchase next year, adding to the $900 million to $1.1 billion in stock buybacks planned for this year.

Xerox boosted its dividend by 35 percent to 5.75 cents a quarter.