Fuji Xerox, which claims to be the market leader in “document solutions,” revealed a staggering loss of more than $51 million this month on its New Zealand operation.
Accounts filed with the Companies Office show a plunge in revenue for the year ending in March, after nearly a decade of record sales.
Industry figures believe the plunge is linked to the sudden departure of two of its senior executives earlier this year.
They also believe it is the result of a vicious price war in New Zealand, which has raised eyebrows amongst its competitors and its own staff.
Fuji Xerox's customers include some of the biggest blue-chip companies in New Zealand, various government agencies, and many high-profile schools.
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