Tokyo, Jan 31 (AFP) Japanese technology firm Fujifilm today announced 10,000 job cuts by March 2020 at its Fuji Xerox subsidiary, which it said was facing an “increasingly severe” market environment. Also Read - Mukesh Ambani Now Asia’s Richest Person Again, Overtakes China's Zhong Shanshan

The Tokyo-based firm announced “personnel reductions of 10,000 people domestically and overseas” at the subsidiary as part of a cost-cutting package that it hopes will save 50 billion yen ($460 million). Also Read - 'Another Phase of Greatest Witch Hunt', Says Donald Trump After US Senate Acquits Him in Historic Impeachment Trial

Fujifilm, founded in 1934, became synonymous with the photography business but has since expanded into cosmetics and medical equipment. Also Read - US Court Seeks Status Report On Visas To Family Members Of H1-B Holders

Fuji Xerox, the subsidiary jointly owned by Fujifilm and Xerox, manufactures printers and copiers for offices mainly in Asia and the Oceania regions.

The subsidiary, 75-percent owned by Fujifilm, employs around 46,000 people, according to a Fujifilm spokeswoman.

The restructuring will have an impact on Fujifilm’s operating income, the firm said, revising down its forecasts for the current fiscal year to 130 million yen from 185 million yen.

Net profit however was forecast to rise to 140 million yen from 125 million yen due to one-off gains from sales of investment securities.

The Fujifilm announcement came after a report in Tuesday’s Wall Street Journal that Fuji Xerox was poised to swallow up Xerox — a pillar of 20th century US industry.

Xerox faces a revolt from two major shareholders, Carl Icahn and Darwin Deason, who between them control 15 percent of the company.

They recently published a joint letter urging the company to consider selling itself and calling for the immediate replacement of its CEO.(AFP)

This is published unedited from the PTI feed.