Xerox to Sell $2.3 Billion in Leasing Activity Assets

Xerox Corp., seeking to shore up profit in its financial services business, said Wednesday that it has decided to sell about $2.3 billion worth of assets involved in leasing cars, trucks and other equipment.

The bulk of the sales, or $2.2 billion worth, will occur in Xerox Credit Corp., a unit of Xerox Financial Services Inc., which has a total of more than $19 billion in assets.

The company wants to sell a vast range of businesses that lease and finance equipment made by other manufacturers. The company said the finance and leasing arrangements for its own products will not be affected by the move.

Xerox, best known for its copy machines, has significant financial assets in insurance with Crum & Foster Inc. and Xerox Life.