Company Implements Go-To-Market Changes and Focuses Product Offerings to Unlock Greater Value
STAMFORD, Conn. - Pitney Bowes Inc. today announced that several recent actions in Europe have advanced its long-term strategy to grow client and shareholder value. The company exited a non-core product line in Norway, transitioned to a dealer sales network for its mailing businesses in six European markets where it had a smaller presence, and continued to shift additional client accounts to inside sales channels in major European markets. These moves enable the Company to simultaneously improve client service for its entire portfolio throughout Europe in markets it serves directly and those it serves indirectly through partners.
At the end of the second quarter the Company entered an agreement to transfer a portion of its operations in Norway that sold and serviced multi-functional devices and related software, AV equipment and retail solutions. In September the Company transitioned its operations in Austria, Belgium, Luxembourg, Netherlands, Portugal, and Spain to a dealer network. Both of these actions are part of the Company’s implementation of its new go-to-market strategies and geographic coverage models. They allow the Company to deploy its resources in Europe in a more effective way and bring more focus to its clients. In aggregate these business activities accounted for more than $50 million in revenue in 2013.
The Company is in the midst of a previously announced global, multi-year transformation to deliver more value to clients and shareholders by focusing on areas where it can lead and grow. The actions in Europe are consistent with steps the Company is taking worldwide to align its business portfolio, focus on core products, and enhance go-to-market strategies and processes to enable the cost-efficient delivery of products and services. Previously, for example, the company sold its furniture operations in Norway and its portfolio of imaging equipment and services in Canada.
Pitney Bowes Management is scheduled to discuss the company’s third quarter results in a broadcast over the Internet at 8 am EDT on October 30th. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pb.com.