Monday March 22, 9:01 am Eastern Time
Company Press Release
SOURCE: Computer Sciences Corporation
Computer Sciences Signs Ten-Year Outsourcing Agreement with Republic
Services Corporation
EL SEGUNDO, Calif., March 22 /PRNewswire/ -- Computer Sciences Corporation (NYSE: CSC - news) today signed a ten-year outsourcing agreement with Republic Services Corporation, a wholly owned subsidiary of Republic New York Corporation (NYSE: RNB - news), parent company of Republic National Bank of New York. Revenues from this agreement are estimated to be $320 million spread over ten years.
So far in the company's fiscal 1999, CSC has announced more than $5 billion in U.S. commercial, federal and international contracts. In addition, the company has been awarded a multibillion dollar contract by the Internal Revenue Service to modernize the nation's tax system. The specific size of that contract has not yet been determined.
Under the agreement, CSC will acquire and manage Republic National Bank's data center, help-desk, network and communications operations. As part of the agreement, 113 of the 114 Republic employees offered jobs by CSC have accepted positions with the company in New York City.
Republic New York Corporation is a bank holding company with assets of $50.4 billion at year-end and total stockholders' equity of $3.1 billion. Republic National Bank of New York is a full-service commercial bank serving both domestic and international clients. The bank is consistently one of the best-capitalized banks in the
United States.
Computer Sciences Corporation helps clients in industry and government use information technology to achieve strategic and operational objectives. The company develops individual business solutions that are delivered by CSC's 50,000 employees in more than 700 offices worldwide in areas such as management and information technology consulting, systems consulting and integration, operations support and information services outsourcing. Since its formation in 1959, CSC
has been known for its flexibility in its relationships with clients. The company maintains numerous agreements with hardware and software technology companies and thus is able to identify and manage solutions specifically tailored to each client's needs. CSC had revenues of $7.4 billion for the twelve months ended January 1,1999. Its headquarters are in El Segundo, California. For more information, visit the company's web site at www.csc.com.
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