BLUE BELL, Pa., May 19, 2021 /PRNewswire/ -- Unisys
Corporation (NYSE: UIS) today announced the primary pension
plan related to its Dutch subsidiary has been transferred to a
multi-client circle within a multi-employer fund effective
May 1. This transaction results in
the removal of all pension liabilities related to the plan, valued
at approximately $550 million, from
the company's balance sheet.
Unisys anticipates that this action will result in a one-time,
non-cash, pre-tax settlement charge of approximately $185 million.
The action, along with the company's recently announced lump-sum
cash-out offer and a separate annuity purchase for its U.S. pension
plans, has resulted in the removal of a total of approximately
$1.1 billion of pension liabilities
from the Unisys balance sheet.
"The transfer of our pension plan in the Netherlands represents the latest step
toward our goal of reducing global pension liabilities by
$1.2 billion," said Unisys Chief
Financial Officer Mike Thomson. "We
look forward to achieving this goal, and we continue to consider
and pursue additional actions to further reduce potential
volatility and costs associated with our pension obligations."
About Unisys
Unisys is a global IT solutions company
that delivers successful outcomes for the most demanding businesses
and governments. Unisys offerings include digital workplace
services, cloud and infrastructure services, software operating
environments for high-intensity enterprise computing, business
process solutions and application development services. Unisys
integrates security into all of its solutions. For more information
on how Unisys delivers for its clients across the government,
financial services and commercial markets, visit
www.unisys.com.
Follow Unisys on Twitter and LinkedIn.
Forward-Looking Statements
Any statements contained in
this release that are not historical facts are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. All forward-looking statements rely on assumptions and
are subject to various risks and uncertainties that could cause
actual results to differ materially from expectations. Additional
discussion of factors that could affect Unisys future results is
contained in our periodic filings with the Securities and Exchange
Commission.
RELEASE NO.: 0519/9838
Unisys and other Unisys products and services mentioned herein,
as well as their respective logos, are trademarks or registered
trademarks of Unisys Corporation. Any other brand or product
referenced herein is acknowledged to be a trademark or registered
trademark of its respective holder.
UIS-C
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SOURCE Unisys Corporation