Olivetti Finally Sells Pc Division

Tue., Jan. 21, 1997

Olivetti, the Italian information systems company, said Monday it will sell its ailing personal computer division to Piedmont International.

Olivetti, which will retain a 10 percent stake in the division, said the sale would bring in 250 billion to 300 billion lire ($166 million to $200 million). The exact sale price would be determined at the final signing in late February, Olivetti officials said at a press conference.

The Italian company announced last October it planned to sell the PC division as part of a strategy to raise about 800 billion lire ($533 million) to help reduce debt and restructure the company.

Piedmont is controlled by Edward Gottesman, an American lawyer based in London.

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Olivetti Finally Sells Pc Division

Jesse Tinsley

Jim Meehan

Molly Quinn

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