Pitney Bowes Board Takes Steps to Dispose of Capital Services Business
Wednesday, May 10, 2006
STAMFORD, Conn., May 9 -- Pitney Bowes Inc. today announced its strategy for the disposition of its Capital Services external financing business. The company's Board of Directors took two actions related to this strategy. First, it approved the pursuit of a sale of the business in its entirety. Second, it approved the pursuit of a settlement of all outstanding tax issues currently in dispute with the Internal Revenue Service, most of which are related to the Capital Services external financing business. According to Michael J. Critelli, Chairman and CEO of Pitney Bowes, "We are pleased that the Board has taken these actions to pursue a sale of the Capital Services external financing business and to settle outstanding tax issues. These actions are consistent with our intent to exit a non-core business in a way that maximizes shareholder value, removes uncertainties with respect to our future tax obligations, and hones our focus on our core businesses."