Xerox to Layoff 2,500 Employees

by Christopher Freeburn | November 15, 2012 10:28 am

[1]Xerox (NYSE:XRX[2]) announced on Tuesday that it plans to cut 2,500 workers as part of a restructuring effort[3].

The layoffs, which will affect under 2% of Xerox’s worldwide payroll, will be concentrated in the company’s services unit, USA TODAY noted.

Xerox currently employs about 146,000 workers around the world. That number includes 75,000 employees added in 2010 when the company acquired outsourcing services provider Affiliated Computer Services for $6.4 billion.

The company’s CEO Ursula Burns hinted at the move last month, warning that the company would take a $100 million charge relating to an upcoming reorganization in the fourth quarter.

Xerox also announced plans to boost its dividend to 5.75 cents per share and said it will buyback between $900 million and $1.1 billion in shares next year.

Shares of Xerox slipped fractionally in Thursday morning trading.

More Recent Company Layoffs:

• Texas Instruments (NASDAQ:TXN[4]) — will cut 1,700 jobs as it winds down its mobile chip business[5].
• Panasonic (NYSE:PC[6]) — 10,000 workers by the end of March[7].
• Colgate-Palmolive (NYSE:CL[8]) — 2,300 jobs over the next four years[9].
• UBS (NYSE:UBS[10]) — 10,000 workers over the next three to five years[11].
• Martha Stewart Living Omnimedia (NYSE:MSO[12]) will layoff about 12% of its workforce[13].

Source URL: https://investorplace.com/2012/11/xerox-to-layoff-2500-employees/

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