Xerox officially splits into two companies

Xerox will separate into two companies, a $11 billion document technology company and a $7 billion business services company, the office equipment maker announced Friday.

The transaction into two independent publicly-traded companies is expected to be complete by the end of the year. Xerox also announced a three-year restructuring program expected to save $2.4 billion.

These "significant actions ... define the next chapter of our company," said Chairman and CEO Ursula Burns in a conference call Friday morning from Xeroxs headquarters in Norwalk, Conn.

USA today