Timeplex Inc. - Specimen Stock Certificate
Inv# SE2887 Specimen Stock
Specimen Stock printed by Security-Columbian Banknote Company. Please specify color.
From the New York Times:
The Unisys Corporation said today that it would sell Timeplex Inc., a computer networking subsidiary, for $207 million to a joint venture led by Ascom Holding A.G., a Swiss telecommunications and automation concern.
Unisys, a military contractor and the nation's third-largest computer maker, said the sale, which should close before September, would help trim its debt, which stood at $3.43 billion at the end of March. Unisys lost $551 million last year on revenues of $10.1 billion, largely because of big interest payments.
The deal for Timeplex, based in Woodcliff Lake, N.J., and other real estate transactions this quarter would put the company's total asset sales at more than $500 million since early 1990.
The company's debt-reduction goal for this year is at least $600 million, Peter Hynes, a Unisys spokesman, said from the company's headquarters in Blue Bell, Pa.
In the last month, Unisys also announced the sale of its Detroit office building and 31 surrounding acres and said it would sell 2.2 million shares of its Japanese subsidiary, Nihon Unisys Ltd. Last week, the company said a subsidiary, the Unisys Credit Corporation, had sold $131 million in lease-receivable backed certificates. Industry analysts said Unisys also appeared to be trying to sell its military business.
"Despite an extremely difficult economic environment since our asset sale program began in early 1990, we have realized $170 million in cash, primarily from real estate sales, through March 31, 1991," said James A. Unruh, the Unisys chairman and chief executive.
Tom Willmott, an analyst at the Aberdeen Group in Boston, called Timeplex one of Unisys's "rubies," and said the company might have to sell more of its better assets to protect its "milk and butter" subsidiaries.
But he cautioned that the sale might not be as helpful as it appeared. "When you divide it up and sell it off, you still end up in debt," Mr. Willmott said.
Unisys bought Timeplex in January 1988 with $330 million in Unisys stock. The company employs 2,300 workers in more than 40 countries.
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