Loan Offered to Xerox to Stay Put

The state of Connecticut has offered Xerox Corp. a $4.4 million low-interest loan in order to keep the majority of the company in Norwalk after its split.

In October, news broke that the building leased to Xerox’s headquarters had been put back onto the tenancy market despite Xerox saying the headquarters decision-making process was still ongoing and a final decision had not been made.

The OEM says its printer-copier business, Xerox Corp., which posted $11 billion in revenue in 2015, will remain in Norwalk.

Its business process outsourcing company, called Conduent, which generated sales in 2015 of $7 billion, will move to New Jersey when the two companies separate on December 31.

“The Xerox Corporation’s announcement removes all uncertainty regarding the location of the company’s headquarters,” said Gov. Dannel P. Malloy.

As part of the deal to stay and receive the loan the state says Xerox, which currently has 150 workers in Norwalk, may add 20 to 40 new jobs over the next four years. As reported by Hartford Courant, the 10-year loan will help finance the purchase of equipment and improvements at Xerox’s Norwalk headquarters.

Leslie Varon, the company’s CFO, said: “Xerox has been headquartered in Connecticut for almost 50 years and with this decision, will continue to be part of the economic fabric of this state.”

The Wall Street Journal recently reported that Jeff Jacobson, who will be Xerox CEO after the split, said Xerox Corp. would lay off workers after the split. However, the exact number has not been given.

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