Xerox has sold its Russia-based subsidiary to local management.

 

In a statement on its corporate website, the US company said: “At the onset of the conflict, Xerox limited its operations in Russia. These limited operations included business with only specific clients and partners in full compliance with all applicable government-issued sanctions. Xerox is now exiting its remaining operations in Russia and divesting the business to local management through the sale of its Russian subsidiary.”

 

According to Russian news agency TASS, the buy-out is being led by Xerox CIS president and company veteran Anton Borodikhin (pictured). 

 

The acquired business will continue to work with existing customers and suppliers and retain current employees. It will shortly undergo a name change to reflect it is no longer owned by Xerox.

 

In March 2022, Xerox said it was halting exports to Russia. This, it revealed in its 2022 annual filing with the SEC, had a negative impact on full-year revenue of $91 million.

 

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