Xerox sells its Russian structure to local management

MOSCOW. Oct 11 (Interfax) - American corporation Xerox has sold the Russian division of Xerox (CIS) LLC to its local top managers, the company said in a statement.

"Xerox (CIS) LLC continues to operate as an independent organization; it will soon change its name and will not be associated with Xerox Corporation," the company said.

The terms of the deal were not disclosed.

The Russian legal entity will continue to provide services to its customers, provide services for managing printing infrastructure and automating business processes, and supply paper products.

According to the SPARK-Interfax system, Xerox (CIS) LLC saw a more than twofold decrease in revenue in 2022 to 6.7 billion rubles. The company posted a net loss of 258 million rubles against profit in 2021.