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Xerox buys Tektronix division: Purchase puts it right on the heels of HP with 30 percent of the office printer market.
September 22, 1999: ZDNET reports that, in one its biggest deals ever,
Xerox Corp. announced Wednesday that it would buy a division of Tektronix
Inc. for $950 million.The purchase of Tektronix's (NYSE:TEK) color printing
and imaging division will take Xerox (NYSE:XRX) to the number two spot
in the office color printing market, the company said. The combined printer
business will control around 30 percent of the office color printing market
according to Xerox.
The move helps strengthen Xerox in its fight against Hewlett-Packard Co.
(NYSE:HWP) for control of the printer market. While HP dominates the market,
Xerox has been coming on strong, according to Infobeads, the market research
division of Ziff-Davis Inc., Xerox even topped HP in a survey of user
loyalty. "This is a case that embodies the concept that one plus
one equals three," Tektronix CEO Jerry Meyer said in a release. Meyer
said that the combination of Tektronix's products and Xerox's brand "will
have a dynamic impact on the worldwide color printer market."
Xerox said its color printer operations would be combined with Tektronix, and will be run by Gerry Perkel, formerly president of the Tektronix division. Tektronix reported nearly $725 million in sales last year for its Phaser color laser and solid ink printer line.