Xerox sells Chinese operation

NEWS 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.