Pitney Bowes Management Services to Grow with Pitney Bowes
June 27 2008 - 9:00AM
Business Wire
Pitney Bowes Inc. (NYSE:PBI) announced today that it has concluded
its review of strategic options for its U.S.-based Management
Services business, and that the company will continue to grow this
nearly $1 billion operation as part of Pitney Bowes. The review,
which was announced last November, covered several alternatives
designed to maximize the value of the Management Services business
to Pitney Bowes shareholders. These included a sale of the
business, a spin-off of the business to shareholders, or retaining
the business as part of the company. Detailed analysis of each
alternative led to the conclusion that growing the business as part
of Pitney Bowes maximizes its value for the company�s shareholders.
President and CEO Murray Martin commented: �It is both a prudent
and a healthy exercise to review parts of our business portfolio
from time to time to ensure we are on the right course for our
shareholders. While this review was more public than our typical
analysis, the final decision reflects our best thinking based on
what we heard from customers, employees, shareholders and the
marketplace. I am confident this is the right decision for Pitney
Bowes.� Pitney Bowes Management Services provides on-site and
off-site mail, print and document management solutions to Fortune
1000, Am Law 200 and government agencies across the United States.
It has more than 12,000 employees working at company and customer
sites. Martin said the review process has helped crystallize three
very clear opportunities to drive growth and enhanced profitability
at PBMS. The first is to continue to aggressively deploy new
solutions such as Critical Communications Solutions, Litigation and
Document Services, and Document Processing Solutions, all of which
have experienced great success with customers. The second is to
bring greater technology to PBMS�s traditional mail and print
management services. The third is to drive further integration of
end-to-end solutions that incorporate more of the full suite of
Pitney Bowes capabilities across all its businesses. Martin noted
that during the ongoing review process, numerous major Management
Services customers renewed or increased their contracts with the
company, which he said was a sign of confidence that Management
Services will continue to deliver on its promise for high-value
outsourced services. About Pitney Bowes Pitney Bowes is a
mailstream technology company that helps organizations manage the
flow of information, mail, documents and packages. Our 36,000
employees deliver technology, service and innovation to more than
two million customers worldwide. The company was founded in 1920
and annual revenues now total $6.3 billion. More information is
available at www.pb.com.
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