Xerox to Buy More of Division: The Stamford, Conn.-based company said it will pay $960 million to boost its controlling stake in Rank Xerox, an office equipment business formed nearly 40 years ago. The Marlow, England, company makes Xerox office machines and sells them in more than 80 countries in Europe, Asia and Africa. Xerox Corp. said the deal will boost its stake in the firm to 80% from 67%. Rank Xerox was formed in 1956 as a joint venture between Xerox and the Rank Organization, a London-based company that is active in the film and television industries.
From Times Staff and Wire Reports