Japan Today  Jun 9  Comment 
Japan's Fujifilm Holdings Corp says it may have no choice but to abandon a $6.1 billion merger withXerox Corp if there is no progress in talks with the…
GenEng News  Jun 8  Comment 
BOSTON—Fujifilm Diosynth Biotechnologies says the new collaboration center it opened in Cambridge, MA, is part of an ongoing effort to grow its contract development and manufacturing organization (CDMO) business to $1 billion in annual sales by...
Wall Street Journal  Jun 7  Comment 
Fujifilm may consider giving up on its fight to acquire a majority stake in Xerox after about six months if the current impasse isn’t resolved, its top executive said.
GenEng News  May 24  Comment 
Fujifilm Diosynth Biotechnologies extended its gene therapy and viral vaccine fill/finish capabilities to provide services in support of late-phase candidates and commercial supply. Fujifilm has invested in Vanrx Pharmasystems’ SA25 Aseptic...
Wall Street Journal  Apr 19  Comment 
Xerox Corp. defended Chief Executive Jeff Jacobson against a billionaire shareholder’s accusations and said he had proper board authority to negotiate a deal with Fujifilm Holdings Inc.
Wall Street Journal  Apr 16  Comment 
Xerox’s board told Chief Executive Jeff Jacobson in November to stop negotiations with Fujifilm Holdings because it was considering firing him. Instead, the executive raced to strike a complex deal.
MarketWatch  Apr 15  Comment 
Xerox Corp.’s board told Chief Executive Jeff Jacobson in November to stop negotiations with Fujifilm Holdings Corp. because it was considering firing him, a newly amended lawsuit alleges.
GenEng News  Mar 29  Comment 
Fujifilm said today it intends to expand its ability to develop and manufacture biopharmaceuticals and regenerative medicine treatments by acquiring a pair of cell culture media businesses owned by Japan-based JXTG Holdings for a combined $800...
Reuters  Mar 2  Comment 
Hedge fund manager Darwin Deason filed a new lawsuit against Xerox Corp on Friday after it refused to allow him to make nominations to its board after a deadline, the latest blows in a row over its proposed merger with Fujifilm Holdings Corp .
Benzinga  Feb 20  Comment 
For a brief moment, it seemed Xerox Corp (NYSE: XRX) might just get away with its Fujifilm merger unopposed. But shareholders Carl Icahn and Darwin Deason, who had earlier pressured Xerox management to explore strategic alternatives, emerged...


Based in Tokyo, Fuji Photo Film Company (Fuji Photo) is a leading global producer of photographic imaging products. The company develops, manufactures, and markets traditional and digital imaging products. In addition, Fuji Photo provides services and solutions for consumers, professionals, healthcare providers, and commercial customers. The company's imaging solutions segment, which accounted for 16% of fiscal year 2010 revenue (ending March 2010), focuses on color films, digital cameras, photofinishing equipment, and color paper, chemicals, and services for photofinishing. The company's information solutions segment, which accounted for 41% of fiscal year 2010 revenue, manufactures and markets system devices for graphic arts, medical imaging and information systems, flat panel display materials, and recording media. The company's document solutions segment, which accounted for 43% of fiscal year 2010 revenue, manufactures and markets printers and production systems and provides paper and document services to its customers.[1] Geographically, 48.5% of revenue came from Japan, 16.2% from Europe, 12.3% from the Americas, and 22.9% from Asia and others.[2]

Business Growth

For the fiscal year 2010, Fujifilm's consolidated revenue decreased 10.4% to ¥2.2 trillion from 2009. Despite increased sales of Flat Panel Display (FPD) materials and improvements in the digital camera business, the Imaging Solutions segment experienced a decrease in demand for color films, the information solutions segment had decreased sales in its graphic arts and optical device businesses, and the document solutions experienced lower sales due to lower demand. Overall yen appreciation adversely affected the company.[3]

Key Trends and Forces

Dependency on the Japanese economy

With over half of its revenue deriving from Japan, Fujifilm is highly dependent on Japan's economic condition. Weakness in the Japanese economy may adversely affect its operating results and financial condition, while a strong economy results in increased consumption and higher sales.

Decline of Traditional Film

With the decline of traditional film sales due to the increasing popularity of digital imaging technologies, the company has put a focus on digital technologies. With digital camera sales volume increasing 10%, Fujifilm sold over 9 million digital cameras in 2010. In Japan, over 80% of digital camera demand is replacement demand, and for this reason, Fujifilm has been working to differentiate its cameras through in-house lens development.[4]


Fujifilm operates in a competitive market with other Japanese and overseas photographic and imaging companies. They include:


  1. FUJI 2010 Annual Report Pg. 1
  2. FUJI 2010 Annual Report Pg. 97
  3. FUJI 2010 Annual Report Pg. 44
  4. FUJI 2010 Annual Report Pg. 18
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