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Xerox (XRX) Announces Plan to Manufacture Hand Sanitizers

Xerox Holdings Corporation XRX on Tuesday announced that it will manufacture around 140,000 gallons of hand sanitizer by June 2020, with deliveries commencing by the end of this month.

The sanitizer will be produced at the company’s facilities in Toronto and near Rochester, NY, and distributed to authorized vendors to frontline healthcare organizations.

"Essentials like hand sanitizer will continue to be in high demand. The team moved fast, figured out how to get over the hurdles and are starting to deliver product – all in under a month," said John Visentin, vice chairman and chief executive of Xerox.

The move comes on the heels of Xerox partnering with Vortran Medical Technology to mass-produce the latter’s Go2Vent, which is a gas-operated disposable ventilator generally used by the first responders during emergency and disaster situations, and disease outbreaks.

Such moves underscore the company’s continued support for the society to help it sail through the coronavirus pandemic.

Notably, Xerox terminated its tender offer to acquire HP Inc. HP last month, ending attempts to win a slate of HP board of directors. A debt-heavy acquisition of a much larger company is infeasible for Xerox amid the coronavirus-induced changes in business conditions.

Xerox’s shares have slumped 50.1% over the past year compared with the 26% fall of the industry it belongs to and the 7.3% decline of the S&P 500 Composite index.

Zacks Rank and Stocks to Consider

Xerox currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the broader Zacks Business Services sector are CoreLogic CLGX and GreenSky GSKY, each carrying a Zacks Rank #2 (Buy) currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The long-term expected EPS (three to five years) growth rate for CoreLogic and GreenSky is 11% and 13%, respectively.

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