CSC up for grabs

Business and IT outsourcer Computer Sciences Corp (CSC) has put itself up for sale and announced significant job cuts.

Business and IT outsourcer Computer Sciences Corp (CSC) has put itself up for sale and announced significant job cuts.

In a statement, CSC says it will explore strategic options, including a sale after 'recent expressions of interest'. The services giant has not released any names yet, but rumours of interest from HP, private equity firm Blackstone Group, as well as defence contractor Lockheed Martin have been circulating for months.

About 5,000 jobs will be cut from its 80,000 global workforce over the next two years, releasing pre-tax savings of $450m. Most of these job losses will be in Europe.

CSC’s announcement immediately bolstered CSC’s share price. Any bids will be carefully monitored by the US government, as many of CSC’s revenue comes from the armed forces and other government organisations.

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