NW-- talk about a contract! Looks like CSC will go UP nicely tomorrow!
EL SEGUNDO, Calif., Dec. 13 /PRNewswire/ -- Computer Sciences Corporation
(NYSE: CSC) today announced it has signed a ten-year, $300 million information
technology (I/T) outsourcing agreement with General Electric Company
(NYSE: GE).
Under the agreement, announced in October when the companies signed a
letter of intent, CSC will manage GE's and GE Capital's data processing
operations, help desk and disaster recovery services in the UK and other
European countries. The agreement has been designed to allow additional GE
companies to join at any time. The first GE data center to participate in
this agreement is based in Bristol, England, and provides services to many
countries across Europe. Approximately 60 of the staff employed in Bristol
will transfer to CSC.
In addition, CSC has acquired the Australian operations of GE Capital ITS,
a leading supplier to commercial and government organizations. CSC will also
manage specific I/T operations for GE in Australia. GE Capital ITS in
Australia has annual revenues of approximately $200 million, and employs
800 employees and 200 contractors in Australia and New Zealand. CSC currently
has approximately 3,000 employees and contractors in Australia.
"GE is a prestigious market leader, a valued customer and a supplier to
CSC," said Van B. Honeycutt, CSC chairman, president and CEO. "This agreement
provides an opportunity for us to develop a long-term partnership working with
GE companies around the world."
"Working with a global leader in I/T services like CSC, we will achieve
major cost reductions through simple economies of scale," said Mike Stout,
chief technology and information officer, GE Capital. "CSC will provide GE
with access to best practices and state-of-the-art technology, which will
significantly enhance our competitive edge and raise the quality of services
to our customers."
About GE Capital IT Solutions
Headquartered in Newport, KY, GE Capital IT Solutions is a global,
one-source provider of integrated IT-infrastructure solutions that keeps its
customers sharply focused on their businesses' key success factors. The
company has offices in 12 countries worldwide. GE Capital IT Solutions is a
GE Capital Company.
As part of the GE Family of companies, GE Capital IT Solutions is a valued
member of an organization FORTUNE magazine votes as "The Most Admired Company
in America" for the second consecutive year in 1999. To learn more about
GE Capital IT Solutions, its strategic solutions and its products, visit the
Internet Site at gecits.ge.com.
|
