Xerox Corp. has reached an agreement to purchase the color printing division of Tektronix Inc. for $950 million in a deal that will make Xerox second only to Hewlett-Packard in the office color printing market.
Xerox officials said today the acquisition will allow it to compete more effectively with Hewlett-Packard because it will combine the color-printing technologies of the Oregon-based Tektronix with Xerox's black-and-white workgroup printers.
The purchase, which would be the largest ever for Xerox, is expected to close within 60 days. The deal is subject to regulatory approval.
"This executes another in a series of strategic moves signaling to the market that Xerox has the resolve, the focus, the determination and the resources to aggressively compete -- and win," Xerox president and chief executive Rick Thoman said in a prepared statement.
On the news, Tektronix stock shot up 7 percent this morning on the New York Stock Exchange, rising $2.43 3/4 to $37.31 1/4 a share. Xerox slipped 68 3/4 cents to $41.31 1/4 a share.
Xerox Corp., based in Stamford, is the leading maker of document copying equipment.
Frontier Cellular opens store in D&L Plaza
Frontier Cellular opened a new store in the D&L Plaza in Depew with three employees.
The opening brings Frontier's retail locations in its upstate New York service area to 46, the company said.
The company, a joint venture between Bell Atlantic Mobile and Frontier Communications, provides wireless telephone service in Buffalo, Rochester, Syracuse, Binghamton, Utica-Rome, Watertown, Elmira and in the Adirondacks.
Acme moving to Nasdaq after losing NYSE listing
Acme Electric Corp. is being pushed off the New York Stock Exchange by tougher listing requirements and will begin trading its stock on the Nasdaq National Market.
The East Aurora-based electronics firm said it was forced to make the switch because it was one of several hundred smaller companies that did not meet the NYSE's more stringent listing requirements. Acme's new ticker symbol will be ACEE.