Xerox has completed the sale of its China operation to Fuji Xerox for $550m cash.
Published: 22 December 2000 12:13 GMT
This grows the company's cash balance to approximately $1.4bn, up from $154m at the end of September.
Paul A Allaire, chairman and chief executive officer of Xerox, said in a statement: "Closing the sale of our China operations to Fuji Xerox is the first in a series of asset dispositions that are a key element in our plan to restore a sound financial foundation to the business."
The sale is part of Xerox' cost reduction programme in which it plans to sell assets totalling between $2bn and $4bn.
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