After a charge, Unisys has loss of $676 million
Article Abstract:
Unisys reported a 4th qtr 1995 loss of $676.8 million and a $671 million charge related to the elimination of 7,900 jobs. The charge and job cuts are part of an effort to reorganize the company involving the closing of offices and manufacturing plants and the elimination of some cost overruns and products. However, Unisys stocks have declined only slightly in value. Unisys has come under pressure to reorganize as customers switched to PCs and smaller systems. Unisys plans to abandon its overlapping management structure and focus almost exclusively on hardware sales, system design and maintenance services. The bulk of the cuts will occur in administration, manufacturing and maintenance with over half impacting North American operations and the remainder European operations. The cuts are expected to save the company $500 million in 1996 and $600 million in 1997.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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For Digital's chief, a last grab for glory; investors want results, not excuses
Article Abstract:
DEC CEO Robert B. Palmer has posted billions of dollars in losses and eliminated 59,000 of the company's 114,000 jobs since he took over in 1992. At the end of 1996's fiscal year, DEC posted $112 million in losses, however the company is expected to post a modest profit in the 1997 fiscal year. The company's produces are applauded by analysts yet DEC has been unsuccessful in selling them. Palmer has forced out three of the company's top executives and replaced them with corporate reorganizers. DEC's stock is valued at $36 a share, just barley below its price value when Palmer took over. DEC rivals, Sun Microsystems and HP have both seen their stock value quadrupled in the same period of time. The company's shareholders are meeting in Manhattan with Providence Capital in June 1997 to discuss DEC's management.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1997
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