Pitney Bowes: A Work in Progress
A stalwart of the graphics industry, Pitney Bowes , will have a shift in its timeframe for a proposed spin-off of its Capital Services external financing business. In a release today, Pitney Bowes talked about the Securities and Exchange Commission (SEC) asking for three years of additional, audited financial statements. Accordingly, that would move the timeframe for the spin-off back to 2007.
The spin-off was first announced as a possibility in 2003 when Pitney Bowes was looking at selling assets and adding shareholder value. Spin-offs have been in vogue for publicly traded companies, as large corporations look to divide their growth areas and income-generating divisions into separate entities. The highly publicized splits of American Express and Viacom have met with mixed results on Wall Street; but have brought more attention to the practice of spinning-off divisions.
In a related note, Pitney Bowes has signed a definitive agreement with De Lage Landen Operational Services, LLC (a subsidiary of the RaboBank Group) to sell Imagistics International, Inc.'s lease portfolio. The terms are estimated at between $280 and $290 million depending on accounts receivable at the time of the deal closing. The lease portfolio is a part of the Capital Services spin-off.
Capital Services is designed to provide leasing to non-Pitney Bowes equipment in three sectors, capital equipment, vendor financing, and commercial real estate.
If you're looking into leasing copier equipment or want advice on digital duplicators, please consider talking to JJ Bender.
The spin-off was first announced as a possibility in 2003 when Pitney Bowes was looking at selling assets and adding shareholder value. Spin-offs have been in vogue for publicly traded companies, as large corporations look to divide their growth areas and income-generating divisions into separate entities. The highly publicized splits of American Express and Viacom have met with mixed results on Wall Street; but have brought more attention to the practice of spinning-off divisions.
In a related note, Pitney Bowes has signed a definitive agreement with De Lage Landen Operational Services, LLC (a subsidiary of the RaboBank Group) to sell Imagistics International, Inc.'s lease portfolio. The terms are estimated at between $280 and $290 million depending on accounts receivable at the time of the deal closing. The lease portfolio is a part of the Capital Services spin-off.
Capital Services is designed to provide leasing to non-Pitney Bowes equipment in three sectors, capital equipment, vendor financing, and commercial real estate.
If you're looking into leasing copier equipment or want advice on digital duplicators, please consider talking to JJ Bender.
