Xerox saved Lexmark from being wiped out as a wholely owned subsidiary (since 2016) of Ninestar Corp (formerly Apex) trying to operate in the US against bans of forced Uyghur labor.
Forced labor producing printer parts and toner.
Now the Lexmark management run the show at Xerox and insist on their "Legacy Lexmark" differentiation.
Add "identity crisis" to the list of headwinds.
No fan of Lex, but let's be honest, xerox veteran bosses and icahn goons drove this company into the ground. Stock price is in gumball per share territory, considering that 4:1 rev split. Shameful AF
Lex lost money for years. All A4 negative margin and then A4 toner is bought on grey market. Profit=$0.0. Xerox had A3, production 50/50 ownership partnership with positive profit margin.
Lex mgt now re writing the storyline.
The targeting is very clear. Xerox was cash rich went over to China and picked up a broke debt ridden Lexmark and brought her back to USA. We had to payoff her credit card bills and she's complaining about all the Xerox kids running around the house as it takes attention away from her. Leadership will do anything to make this marriage work and pushing out anything developed by Xerox. Lexmark is redecorating and the bills are climbing. Unfortunately a annulment or divorce is impossible now. We'll keep thinking of Fuji. They were a great partner for years but we treated them so bad and took them for granted with John V and Icahn destroying that love and then for Bruno comes in with this forced marriage. FUJI the one that got away. You will me missed.
@mc They had hardware, but no solutions or service.
I like working with the Lex sales, specialists and resources but the managers, vps are clueless. It would have been great keeping the Xerox Services and then adding the Lexmark gear and solutions. Taking a year to understand what solutions are most profitable for the future. Unfortunately its a slash and burn with Lex management advising on things they know nothing about. We were in a position to be a true solutions company but we are just a declining Print company, that resells production and IT. We are going to rebrand as we get down to zero and be called Zerox soon.
LXK insists on differentiation because it is very clear XRX is run by clowns. Wish XRX had never showed up! We could have addressed our issues better internally or could have found a more suitable buyer. Now, XRX is taking us down with them. What a sh-t show!
True never lost a deal against Lexmark but now need talk about it with customers as if its the saving grace. Getting alot of side eyes from customers we were like BMW for equipment and service and now we are a grocery store telling customers go to.self check out and bring your own bags.