Unisys Corp on Tuesday said it would sell its stake in Japanese hardware and software distributor Nihon Unisys Ltd as an additional part of its cost-cutting campaign announced last fall. The Blue Bell, Pennsylvania-based services provider owns 27.8% of all NUL shares and hopes to make at least $350m in cash from the sale.
Last year the company announced a plan to divest $500m worth of non-core assets, as well as cut 3,600 jobs, reduce R&D spending, and increase its use of offshore services. The sale of the company’s NUL stake, however, wasn’t included in the original $500m divestiture target.
Unisys will offer its roughly 30.5 million shares through NUL’s existing buyback program. It expects to close the sale early next week, according to a Unisys statement. The company also said it will maintain its relationship with NUL, which will continue to be Unisys’s exclusive Japanese distributor.
Unisys shares scooted up 3.9% to close at $6.91 on Tuesday.