It has been restructuring almost from the word go at Unisys Corp, but in the latest shake-up, the company says it expects to see annualised savings of over $500m by the end of 1996, and annualised savings of $600m by the end of 1997. The company, formed by the inappropriate crashing together of Burroughs Corp and Sprry Corp, says that while it was disappointed with 1995 financial results, it is encouraged by continued revenue growth in information services, and reckons it can return to profitability in 1996 despite possible disruptions from restructuring actions. The company is taking a whopping restructuring charge of $581.9m or $3.39 a share to cover one- time costs to eliminate 7,900 jobs, and to consolidate and discontinue some products and programmes. Its bank syndicate has waived the covenants in its revolving credit facility.
