Xerox announced Tuesday that its board of directors has approved the terms of the company's split into two separate businesses.
Xerox will become two independent, publicly traded companies; One will be called Xerox, and will focus on document technology which is the bulk of the company's operation in the Rochester area. The other will be called Conduent and will focus on on business process services.
As of December 31, Xerox shareholders will receive one share of Conduent common stock for every five shares of Xerox common stock that they hold as of the close of business on December 15.
As of January 3rd, Conduent will trade under the ticket symbol ' CNDT ' and Xerox will continue to trade under the ' XRX' symbol.
