Move Targets Fujifilm’s Slowest-Growing Business as Company Shifts Capital to Higher-Growth Markets
LOS ANGELES | California – August 2026 – Fujifilm Holdings is preparing to spin off its Business Innovation division — the business behind its copiers, office printers, production print systems, and graphic communications portfolio — and reduce its ownership to less than 20 percent.
Fujifilm says the move is about unlocking growth, improving capital efficiency, and giving Business Innovation greater freedom to invest and pursue partnerships — not abandoning the business.
What’s Being Spun Off
Business Innovation’s graphic communications portfolio includes inkjet printheads, ink, toner presses, printing plates, and office and production print hardware. Key products include the Jet Press B2, CF1160 continuous-feed press, Acuity large-format systems, Acuity Fusion, flexible packaging inkjet technology, and the Revoria series, including the recently introduced Revoria PC2120. Of great interest is this includes the spin-off of the old Fuji Xerox company that started in this division.
How the Deal Works
Fujifilm will consolidate the related businesses under Fujifilm Business Innovation Corporation, retain less than 20 percent of the new company, and distribute the remaining shares to Fujifilm shareholders as a non-cash dividend.
The new company is expected to list on the Tokyo Stock Exchange. Fujifilm will retain its name and continue supplying the business, but it will no longer control it.
The transaction still requires regulatory, exchange, and shareholder approvals, with completion expected to take two to three years.
The Numbers Tell the Story
Business Innovation generated ¥273.2 billion ($1.8 billion) in Q1 fiscal 2027 revenue but posted a ¥1.4 billion ($9.3 million) operating loss.
Graphic communications revenue benefited from stronger inkjet printhead sales, while office solutions declined amid weaker European and U.S. demand.
Meanwhile, Fujifilm’s other businesses are growing sharply:
- Healthcare: +12.4%
- Electronics: +25%
- Imaging: +16.2%
- Business Innovation: essentially flat
That contrast is central to the spin-off.
Fujifilm Has Already Been Cutting Back
The move follows a series of strategic reductions in the printing business. Fujifilm exited plate coating and converting in the Netherlands, ended Jet Press and CF1160 sales in Europe and the U.S., shut down much of its Acuity portfolio, and shelved its B2 toner press.
Fujifilm has retained flexible packaging inkjet and Acuity Fusion — areas it considers strategically strong.
The Growth Ambition
Business Innovation CEO Naoki Hama recently outlined an aggressive target: grow the business from ¥1.17 trillion ($7.8 billion) in 2025 to ¥1.3 trillion ($8.7 billion) by 2030, while reaching a 10 percent operating margin.
Hama says AI can accelerate product development, with the broader mission focused on moving customers from analog to digital production.
From Fuji Xerox to a Standalone Business
Business Innovation traces its roots to Fuji Xerox, the 1962 joint venture between Fujifilm and Xerox.
The relationship changed dramatically after a proposed $6 billion Xerox-Fujifilm deal collapsed in 2019 following opposition from Xerox investors Carl Icahn and Darwin Deason. Fujifilm subsequently acquired Xerox’s 25 percent stake for $2.3 billion, making Fuji Xerox a wholly owned Fujifilm subsidiary.
At its peak, the business represented nearly half of Fujifilm’s revenue. Today, that contribution has fallen to roughly 35 percent as Fujifilm’s healthcare, electronics, and other businesses have expanded.
Why Now?
The spin-off fits squarely within Fujifilm’s VISION2030 strategy, which emphasizes profitability and capital efficiency.
Fujifilm’s argument is straightforward: Business Innovation needs the freedom to make its own investment and partnership decisions rather than compete internally for capital with faster-growing businesses such as healthcare and semiconductor materials.
What WIN Is Watching
This is far more than a corporate restructuring. Fujifilm is effectively separating one of the world’s major printing technology businesses from the broader Fujifilm portfolio.
The big question for the industry: Does this mark the beginning of a larger structural shift in digital printing — or simply give Business Innovation the freedom to compete more aggressively?
WIN will be watching closely.
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