Planning to Retire

Unisys Corporation Cuts 1,300 Jobs, Suspends 401(k) Match

By Emily Brandon

Posted: December 24, 2008

Unisys Corporation is the latest company to ax jobs and retirement benefits. The company announced Monday that it will eliminate approximately 1,300 positions worldwide and consolidate facilities.

The information-technology services firm will also suspend company matching contributions to the U.S. 401(k) plan. Cutting the match will save the company about $50 million annually, the company said.

The Blue Bell, Pa.-based company plans to forgo 2009 salary increases for most employees as well. All the cost cutting measures led by new Unisys Chairman and CEO Ed Coleman are expected to save more than $225 million.

I'd like to see the stock price go to $12.00 or so, perhaps in a takeover?

Well, I "left" the company in December of 2007, but left all my 401(k) money in the UIS stock fund.... So now I have about 10% of what I had a year ago - I got into the UIS fund when UIS stock was at about $6.00 on the regular market. I'd like to see the stock go back up to about $12 or so, then perhaps I will be able to retire when I'm 113 or so...

Old Guy of PA @ Dec 29, 2008 14:58:18 PM

HAHAHA Good

I've worked with that worthless company and I hope they fail completely. You wouldn't believe some of the horrible things I've seen people at that company do. Good ol karma seems to be working.

of CA @ Dec 27, 2008 16:04:42 PM

On the backs of employees!

As a shareholder, I hope like this works. As an employee, I am happy to have a job, but it stings a little just the same. I saw no mention of cuts to executive compensation, or if the 401 match cut is permanent or temporary.

Jolly of MO @ Dec 25, 2008 16:04:07 PM

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