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Pitney Bowes Spins Off Imagistics
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Business New Haven
12/10/2001
By: BNH
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STAMFORD - Pitney Bowes Inc. (NYSE: PBI) 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 percent of the shares of Imagistics stock to Pitney Bowes common stockholders via a special stock dividend.
Pitney Bowes common stockholders of record on November 19 received 0.08 shares of Imagistics stock for each Pitney Bowes share. Pitney Bowes shareholders will receive whole shares of Imagistics and cash payments for fractional shares.
“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. “It is also a key step in our aggressive strategy to deliver leading-edge mail and document-management solutions globally. In the past year alone, we have made several strategic acquisitions that further position Pitney Bowes as the global partner of choice for secure and efficient mail and document management solutions and services, including the recent acquisitions of Secap, the France-based mailing business; Danka Services International, the imaging and document management services organization; and Bell & Howell's International Mail and Messaging Technologies business in Europe, Africa, Middle East and Asia.'
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