Xerox Corporation and Bytes Technology Group today announced their agreement for Xerox to sell its equity interest in its South African subsidiary to its current joint venture partner, the Bytes Group. As a result, Xerox SA (Pty) Ltd will change its name to Xeratech (Pty) Ltd, which becomes the exclusive distributor of Xerox products in SA and in neighbouring countries in southern Africa, under the terms of a 10-year agreement.
Xerox products and supplies will continue to be available through Xeratech without any interruption to the supply of products or provision of services. The agreement is subject to approval by the shareholders of Bytes Technology Group and the Competition Commission.
"Xerox is the worldwide leader in document management and Bytes has unrivalled knowledge of the South African market," said David Redshaw, executive chairman, Bytes Technology Group. "We are delighted to purchase the Xerox equity which we believe will benefit our shareholders and our customers here."
"Xerox Corporation highly values its South African customers," said Jule Limoli, president of Xerox Middle East, India, Eurasia, Russia and Africa. "The sale is consistent with our strategy of meeting the needs of the market through working with local partners and is similar to changes we have made in other markets."
The plan calls for Xerox to sell its 50% stake of Xerox SA (Pty) Ltd to Bytes Technology Group, a member of the Altron Group. Rob Abraham, currently managing director of Xerox SA, will continue as managing director of Xeratech.
Commenting on the agreement, Abraham said: "Our South African customers will continue to receive the latest Xerox products as they are launched internationally and will experience the same levels of service that they have come to enjoy."
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