Business Services Industry
Florida-Based Copier Distributor Danka to Sell Unit to Pitney Bowes.
Knight Ridder/Tribune Business News, April, 2001
By Jo-Ann Johnston, Tampa Tribune, Fla. Knight Ridder/Tribune Business News
Apr. 10--ST. PETERSBURG, Fla.--Troubled copier distributor Danka Business Systems said Monday it would sell a unit that manages copier rooms and records management for big companies to Pitney Bowes Inc.
Danka's stockholders and senior lenders must endorse the $290-million cash deal that is scheduled to be completed by June 30. U.S. regulators and their counterparts in several European countries also must approve the transaction.
Danka said it would use the proceeds -- it expects to net about $275 million after taxes and expenses -- to pay down its $520 million in bank debt. That's a first step in a strategy to get the company back to fiscal health, said...
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