Pitney Bowes Sells Oce Imagistics Lease Portfolio
Tuesday, May 02, 2006
STAMFORD, Conn., May 1 -- Pitney Bowes Inc. today announced the sale of its Oce Imagistics, Inc. lease portfolio for approximately $288 million to De Lage Landen, a subsidiary of the Rabobank Group, that specializes in international asset financing and vendor finance programs. The portfolio consists of leases for document imaging solutions, facsimile systems, copiers and multi-functional systems marketed by Oce Imagistics, a division of Oce N.V.. The company expects to realize about $210 million of after-tax cash proceeds from the transaction and to recognize an after-tax gain of about $10 million. The sale of the Oce Imagistics lease portfolio is part of the company's strategy to reduce its exposure to the Capital Services external financing business. The company is currently exploring a range of asset and business disposition alternatives for Capital Services including a spin-off, a sale of the business or a sale of all or a portion of the assets.