Pitney Bowes to keep management services unit

By Associated Press
June 27, 2008 | Comments (0)

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Pitney Bowes Inc. is keeping a business unit it once considered selling or spinning off.

The Stamford-based mail and document-managing company announced Friday that it will keep its management services business, which provides mailroom and copy center services to corporations, federal agencies and law firms.

Pitney Bowes said last November that it would cut 4 percent of its work force as it moves to fully digital equipment. It said at the time it was considering selling, spinning off or keeping the management services business.

Chief Executive Murray Martin said in a statement Friday that numerous customers of management services renewed or increased their contracts.

The segment, which included the domestic business reviewed by Pitney Bowes and overseas business, reported revenue of $302.6 million in the first quarter, up 11 percent from the same period in 2007. Total revenue for the quarter was $1.57 billion.

Shares of Pitney Bowes fell 10 cents to $33.79 Friday.

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