BLUE BELL, Pa., June 8, 2021 /PRNewswire/ -- Unisys
Corporation (NYSE: UIS) today announced its Swiss subsidiary
has transferred its pension plan to a multi-employer collective
foundation. This agreement results in the removal of projected
benefit obligations related to the retirees under the plan, valued
at approximately $103 million, from
the company's balance sheet.
This action, combined with the company's previously-announced
lump-sum cash-out offer and separate annuity purchase for its U.S.
pension plans, and transfer of its Dutch pension plan to a
multi-employer fund, accomplishes the company's goal of removing a
total of approximately $1.2 billion
of pension obligations from its balance sheet by the end of the
second quarter of 2021.
Unisys anticipates a one-time, non-cash, pre-tax settlement
charge of approximately $29 million
as a result of this agreement. The remainder of the Swiss plan
obligations, representing active participants valued at
approximately $56 million, will
remain on the company's balance sheet.
"We are excited about this latest step in enhancing our balance
sheet and successfully completing our plan to reduce global pension
liabilities by $1.2 billion," said
Unisys Chief Financial Officer Mike
Thomson. "While the transfer of our pension plan in
Switzerland marks the achievement
of this specific goal, we will continue to consider and pursue
additional steps in the future to further de-risk our pension
obligations through additional reductions of potential volatility
and costs."
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.: 0608/9840
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