Galileo Loses $20.4 Million Account for Photocopier Component
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 the company's diversification into medical and telecommunications products will spur future growth. Galileo manufactures products based on its core fiber optic and electro-optic technologies for applications such as analytical instruments and office equipment.
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