Timeplex Inc. - Specimen Stock Certificate
Inv# SE2887 Specimen Stock
Specimen Stock printed by Security-Columbian Banknote Company. Available in Brown, Blue or Red. Please specify color.
From the New York Times:
The Unisys Corporation announced today its decision to divest Timeplex Inc., a subsidiary specializing in computer networking, for $207 million to a joint venture spearheaded by Ascom Holding A.G., a Swiss firm focused on telecommunications and automation.
Unisys, recognized as a military contractor and the third-largest computer manufacturer in the United States, indicated that the transaction, expected to finalize before September, would assist in reducing its debt, which was reported at $3.43 billion as of the end of March. The company incurred a loss of $551 million last year on revenues amounting to $10.1 billion, primarily due to substantial interest payments.
The agreement concerning Timeplex, located in Woodcliff Lake, N.J., along with other real estate deals this quarter, would elevate the total asset sales of the company to over $500 million since the beginning of 1990.
According to Peter Hynes, a spokesperson for Unisys, the company's objective for debt reduction this year is a minimum of $600 million, as stated from the headquarters in Blue Bell, Pa.
In the past month, Unisys has also disclosed the sale of its office building in Detroit along with 31 adjacent acres, and it plans to sell 2.2 million shares of its Japanese subsidiary, Nihon Unisys Ltd. Last week, the company reported that its subsidiary, Unisys Credit Corporation, had sold $131 million in lease-receivable backed certificates. Industry analysts have suggested that Unisys may also be exploring the sale of its military division.
"In spite of an exceptionally challenging economic climate since the initiation of our asset sale program in early 1990, we have generated $170 million in cash, mainly from real estate transactions, up to March 31, 1991," stated James A. Unruh, the chairman and chief executive of Unisys.
Tom Willmott, an analyst at the Aberdeen Group in Boston, referred to Timeplex as one of Unisys's "rubies," and expressed that the company might need to divest more of its valuable assets to safeguard its essential subsidiaries.
However, he warned that the sale might not be as beneficial as it seems. "When you break it down and sell it off, you still find yourself in debt," Mr. Willmott remarked.
Unisys acquired Timeplex in January 1988 for $330 million in Unisys stock. The company currently employs 2,300 individuals in more than 40 countries.
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