Marconi Sells Data Systems Subsidiary for $400 Million in Cash
Press release from the issuing company
Jan. 10 - Marconi will sell its Data Systems subsidiary to Danaher Corporation for $400 million. The transaction should close before April. The proceeds will be used to reduce Group net debt.
"This transaction represents a significant further step towards Marconi's stated objective of maximizing cash proceeds from non-core asset disposals and further helps the Marconi management team to apply focus and commitment towards our core communications business,'' said Marconi Chief Executive, Mike Parton.
Marconi Data Systems, headquartered in Wood Dale, Illinois, is a leading global supplier of digital, non-contact industrial ink jet printers; graphics, laser and postal printing systems; and field services, spare parts, fluids and accessories. During the six month period ended September 30, 2001, the company contributed sales of 103 million pounds and profits, before interest and tax, of 11 million pounds in the Group's consolidated accounts. For the 12-month period ended March 31, 2001, the company contributed sales of 239 million pounds and profits, before interest and tax, of 48 million pounds.
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