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Pitney Bowes Spins Off Imagistics
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Business New Haven
1/7/2002
By: BNH
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STAMFORD - Pitney Bowes Inc. (NYSE: PBI) announced it has completed the spin-off of the company's office systems business as an independent, publicly-traded company under the name Imagistics International Inc. (NYSE: IGI). The company distributed 100% of the shares of Imagistics stock to Pitney Bowes common stockholders via a special stock dividend.
“This divestiture maximizes the value of both Pitney Bowes and Imagistics to our stockholders and customers,” said Michael J. Critelli, Chairman and CEO of Pitney Bowes.
Imagistics International offers comprehensive document imaging solutions for the corporate and government markets through a national direct sales and service organization. The company had revenues in excess of $600 million in 2000 and is headquartered in Trumbull, Connecticut.
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