Fuji Xerox Co. Ltd., a wholly owned subsidiary of Fujifilm Holdings Ltd. (FUJIY - Free Report) , has established an office in Myanmar. Fuji Xerox, which takes care of the Documents Solutions business of the group, has become the first player in the office equipment industry to start its direct business operations in Yangon, the Republic of the Union of Myanmar.
Fuji Xerox already had a market for its printers and copiers in Myanmar through local dealers. In order to tap the growth potential of the emerging economy, the company established a new office, which became operational on Apr 1.
The new office in Myanmar was set up after a thorough study of the market potential, undertaken by Fuji Xerox Asia Pacific Pte Ltd in Oct 2012. Subsequent to the government change in the country in 2011, the region has become lucrative for foreign investments, thereby giving companies like Fuji Xerox a scope for expansion.
Led by Mr. Yoshio Handa, the new establishment will help Fuji Xerox to provide maintenance and customer support to the dealers in Myanmar. The establishment is seen as a crucial step taken by Fuji Xerox to revive its business.
Fujifilm Holding’s Document Solutions segment offers office copy machines, printers, production systems and services, paper, consumables and office services. In the third quarter of fiscal 2013, the segment generated revenue of ¥245.1 billion, increasing 3.4% year-over-year. Despite an increase in revenue, operating profit for the segment declined by 8.0% year-over-year to ¥16.2 billion, due to a demand deterioration in Europe.
Fujifilm Holdings currently carries a Zacks Rank #3 (Hold). Other technology stocks worth a look in the industry are Advanced Energy Industries Inc. (AEIS - Free Report) and Orbit International Corp. , both carrying a Zacks Rank #1 (Strong Buy), whereas Applied Materials Inc. (AMAT - Free Report) carries a Zacks Rank #2 (Buy).