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May 5, 1997updated 05 Sep 2016 12:11pm

COMPUTER 2000 AMERIQUEST ACQUISITION COSTS RISE TO OVER $75M

By CBR Staff Writer

German computer distributor Computer 2000 AG, a subsidiary of the utility group Viag AG, estimates that its problem purchase AmeriQuest Technologies Inc has so far cost it over $75m in the two years since it was acquired. Computer 2000 has also guaranteed the equivalent of $19m of AmeriQuest’s bank loans, guarantees which may well end up being called in. The German company announced pre-tax losses for the six months to March 31 at the equivalent of $22m – down from profits last time of $8.4m. Chairman Walter von Szczytnicki blamed the downturn on higher than expected restructuring costs at AmeriQuest. These costs will continue into the second half making the prospect of a year end dividend seem even more remote. Computer 2000 took a 62% stake in the Santa Ana, California-based Ameriquest back in August 1995 (CI No 2,724), for which it paid $50m.

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