Unisys said this week that it would block a proposal from one of its major shareholders, Greenway Partners LP, which wants to spin off the company?s computer manufacturing and software business.
Greenway Partners, a New York-based investment group with a 4.6 per cent stake in the company, wants Unisys to sell or break off its hardware/software business from its two service groups. Concerned about the price of the company?s stock, Greenway is believed to be soliciting support from other big stockholders.
The Unisys management remains adamant that the move would jeopardise customer relationships dependent on the combined capabilities of the three business units.
Despite reporting unsteady revenue patterns for the past eight years the computer maker claims that its three-business structure is working. It claims progress is being made in all three units and cites a fourth quarter operating profit margin of 8.1 per cent, the highest in three years. Over 70 per cent of the company?s revenue is attributable to customers doing business with all three units.
Greenway is also urging stockholders to vote against all nominees to the Unisys board at the company?s 24 April annual meeting.
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