In a major shake-up, Fujifilm also announced it would be combining Fuji Xerox with U.S. giant Xerox, bringing both companies under its umbrella to create what it said was the world's largest "document solutions company" by revenue.
Japan's Line Corp said that it had entered an agreement with SoftBank Group Corp to give the telecoms and technology firm a majority stake in Line's mobile unit.
At least symbolically, Xerox seems to have forgotten that R&D heritage - even if numerous develops didn't directly boost the company's bottom line.
Xerox has a news conference call on Wednesday's developments and its earnings planned for 8 a.m.
It will have dual headquarters in both the U.S. and Japan.
But it has fallen on hard times as Canon Inc. and Asian competitors eroded its dominance while email and other forms of electronic communications took over.
Fuji Xerox mainly has operated in Japan and the rest of Asia, with Xerox handling business in the USA and Europe.
The two companies have existed for over half a century as corporate partners under the Fuji Xerox name.
According to the BBC, Fujifilm will also need to cut costs by axing 10,000 jobs globally by 2020.
The two companies noted that the combined entity will be a global leader in innovative print technologies and intelligent work solutions, with annual revenues of USD18 billion and leadership positions in key geographic regions.
The original joint venture Fuji Xerox, which formed in 1962, made printers and copiers primarily in Asia and Australia.
Ties between the two companies date back to the early 1960s when they formed a copier joint venture, which has grown to generate nearly half of the Japanese group's total annual revenues of $21 billion.
The firm also cut its forecast for operating income for the year ending March 31 on Wednesday, with its outlook missing the lowest analyst estimate. The company said it will incur a one-time expense of 72 billion yen ($662 million) over three years.
XRX stock was up 6% as of Wednesday morning.