This excerpt taken from the PBI 8-K filed Dec 15, 2009.
ITEM 2.05 Costs Associated with Exit or Disposal Activities
On December 15, 2009, Pitney Bowes Inc. announced that it has embarked upon a program consisting of a series of initiatives that are designed to transform and enhance the way it operates as a global company. This program is expected to continue into 2012 and will result in the elimination of up to 10 percent of the positions in the company. The company expects the total pre-tax cost of this program will be in the range of $250 million to $350 million primarily related to severance and benefit costs incurred in connection with such workforce reductions. Most of the total pre-tax costs will be cash related charges.
The following information is furnished pursuant to Item 7.01 “Regulation FD Disclosure”.
On December 15, 2009, the registrant held an Investor Meeting via a live conference call and webcast. The press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.