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July 29, 1994

WANG LABS RESULTS EXCEEDED EVEN ITS OWN EXPECTATIONS

By CBR Staff Writer

Shrunken Lowell, Massachusetts-based Wang Laboratories Inc closed its first profitable year since 1988 (figures, page seven), saying quarter and fiscal year results exceeded its own projections; Wang has about $190m in cash, no debt and is planning to make acquisitions by the end of this year specifically software products, customer service and network integration businesses, but it plans to continue laying off employees – it is now down to fewer than 5,200 and plans to be at about 5,000 by the end of September – down from 6,000 in January; it has also reorganised itself into three business units – software, customer services and solutions integration; Wang is also pulling up its roots and will relocate in the autumn to a site within 10 miles of its Lowell headquarters; the Lowell tower complex, which cost $66m to build, was sold at auction for $525,000.

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