Steve Bandrowczak, Chief Executive Officer at Xerox says the acquisition will strengthen the company's core print portfolio and build broader services better suited to meet the evolving needs of clients in the hybrid workplace.
“Our acquisition of Lexmark will bring together two industry-leading companies with shared values, complementary strengths, and a deep commitment to advancing the print industry to create one stronger organization,” said Bandrowczak. “By combining our capabilities, we will be better positioned to drive long-term profitable growth and serve our clients, furthering our Reinvention.”
Lexmark, which is based in Lexington, is already a partner and supplier to Xerox, providing imaging solutions and technologies including printers.
The Xerox Board of Directors unanimously approved the transaction which is subject to regulatory and shareholder approvals.
The deal is expected to close in the second half of 2025, until then, both Xerox and Lexmark will maintain their current operations and operate independently.