Galileo Loses $20.4 Million Account for Photocopier Component
Apr 1, 1997 — Galileo Corp. of Sturbridge, Mass., has received written notification that Xerox Corp. has developed internal production capabilities for dicorotron assemblies, electronic components used in photocopiers, and will no longer buy them from Galileo. Xerox was Galileo's largest customer and accounted for $20.4 million, or 48 percent, of the company's revenues for fiscal 1996. This shift will result in a considerable financial loss for Galileo, but President and CEO William Hanley is confident that...