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July 10, 1990

OLD OLIVETTI-LOGABAX FARES NO BETTER UNDER OLIVETTI SYSTEMS & NETWORKS NAME

By CBR Staff Writer

Olivetti Systems & Networks SA, the new name for Ing C Olivetti & Co SpA’s 10-year-old French acquisition out of bankruptcy for Logabax SA, is describing 1989 as a year of major restructuring, with total net losses of $39.5m including $26.4 in extraordinary charges. Olivetti Systems & Networks, which changed its name from Olivetti-Logabax last February, saw sales crawl up a mere 1.8% to $423.6m while price cuts had the effect of reducing margins by more than 3%. The cost of borrowing represented 3.7% of sales. Taken separately, the office equipment arm turned in revenues up 10.5% on last time, while systems and networks’ contribution fell by 5.7%. Managing director Jerome Huret stressed that 1989 had been a difficult year, and that 1990 would need a lot of hard work if the year’s goals of profitable growth at 5.5% was to be achieved.

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