Xerox Corp is potentially striking a deal with Japanese camera maker, Fujifilm

Printer manufacturer, Xerox Corp is all set to discuss a major deal with Japan’s Fujifilm Holdings Corp. that might include a change of control of Xerox. As Xerox Corp stays under pressure to find new growth sources amid shrinking demand for its printer and copier business, the two companies discuss an array of possible deals to reinvent their legacy business.

Activist investor, Carl Icahn wrote in an open letter to the shareholders that Xerox desperately needed new leadership as it was slow to launch new products and increase revenue. Having a stake of 9.7 percent, Carl is Xerox’s biggest shareholder. However, a full takeover of Xerox is not yet mentioned. While Xerox declined to comment, Fujifilm said it would not remark on hypothetical reports.

Xerox, the company that introduced photocopiers, collaborated with Fujifilm and created a joint venture in 1962. Named as Fuji Xerox, the five decade old Tokyo-based copier joint venture focuses on the Asia Pacific region including Japan and China, while Xerox takes charge of the rest of the world. The company is now 75 percent owned by Fujifilm and 25 percent by Xerox. Xerox spun off its business process outsourcing unit in 2016 and isolated them into two independent and publicly traded companies.

Last August, Fujifilm said it aimed to spend 500 billion yen in strategic acquisitions over three years. The company has been seeking growth outside its shrinking photographic film business, stepping up its acquisition drive in areas such as regenerative medicine.