Fujifilm's secret to survival

Fujifilm and Xerox are set to lay off 10,000 workers from their joint venture in Asia.

The job cuts at Fuji Xerox are part of a wider restructuring that the company is undertaking in the face of increased competition, Fujifilm said in a statement on Wednesday.

“The market environment … has grown increasingly severe,” the Japanese company said.

Fuji Xerox sells printers, copiers, production systems and software across the Asia-Pacific region.

Fujifilm (FUJIF)said the joint venture — of which it owns 75% — will eliminate the jobs in Japan and other markets starting this year. It expects to reduce annual costs by 50 billion yen ($460 million) in the process.

Xerox (XRX) owns the other 25% of the business.

CNNMoney (New Delhi) First published January 31, 2018: 3:57 AM ET