Financial Daily from THE HINDU group of publications
Thursday, Feb 17, 2005
Financial Daily from THE HINDU group of publications Thursday, Feb 17, 2005 |
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Corporate
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Mergers & Acquisitions Pitney Bowes buys key assets of Kilburn Office Automation Our Bureau
New Delhi , Feb. 16 PITNEY Bowes Inc has announced that it has completed a transaction that extends its penetration and reach outside the US — the acquisition of certain assets of Kilburn Office Automation Ltd. (Kilburn) in India. "Through this transaction Pitney Bowes is establishing direct sales operations in India, with a mail volume of approximately 14 billion pieces annually making it second in Asia and sixth in global postal volumes," a Pitney Bowes statement said here. Kilburn had acted as a distributor for some Pitney Bowes mailing products since 1996. The new direct operation, known as Pitney Bowes India Private Ltd (Pitney Bowes India), would provide mailing equipment and systems. The business will be headquartered in New Delhi, and it will have offices in 17 other locations throughout the country. While no financial details were disclosed, this transaction will have no material impact on the company's results. According to the company's Chairman and CEO, Mr Michael J. Critelli, "We said that global expansion was one of the keys to success in delivering enhanced customer and shareholder value. In our growth strategies we identified India as a market where business mail usage is emerging, thereby creating an opportunity to help mailers enhance their efficiency and effectiveness through the use of our advanced mailing equipment, systems and software." "We are pleased to be associated with Kilburn and plan to leverage their expertise to deliver quality solutions to customers," he added.
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