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Xerox to cut more jobs
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February 14, 2001: 6:30 p.m. ET
Troubled document company takes step in effort to return to profitability
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NEW YORK (CNNfn) - Xerox Corp. will eliminate more than 4,000 jobs this year as it seeks to return to profitability, a spokeswoman told CNNfn.com.
However, the troubled document company would not confirm the total number of layoffs it is planning. Xerox (XRX: Research, Estimates) is in active talks to sell some assets and equity stakes which would be a substantial part of the layoffs.
"It is absolutely premature to discuss a precise number," said company spokeswoman Christa Carone. "We have not disclosed a precise number."
Broadcast reports, quoting Xerox Executive Vice President Carlos Pascual, said Wednesday that the company may cut as many as 10,000 jobs, or 11 percent of its work force. Pascual was responding to analysts' estimates of the layoffs.
 In October, Stamford, Conn.-based Xerox disclosed a turnaround plan that includes selling half of its joint venture stake in Fuji Xerox back to Fuji, leaving it with a 25 percent minority stake in the division. Xerox also is in talks to sell Xerox Engineering Systems and its interest in some of its spinoff companies, including ContentGuard and Inxight. The troubled document company also hopes to outsource some operations, sell equity in its inkjet business and find investors for its Palo Alto, Calif., research center.
The sale of such assets could bring in up to $4 billion.
The positions included in the outsourced units and sold assets will be part of the overall job cuts. "As other factors are implemented it will start to have an impact in overall employment," Carone said.
Xerox cut 2,000 workers last year and will fire 4,000 by the end of March. The company will be making additional cuts throughout the year, Carone said.
Shares of Xerox gained 58 cents, or 8.44 percent, to close at $7.45 Wednesday. 
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