Olivetti Sells PC Division to Piedmont

Italian information technology company Olivetti is selling its personal computer division to a new company, Piedmont, in which Olivetti will have a 10% stake, Chief Executive Roberto Colaninno said. Colaninno told a joint news conference in Milan with U.S. financier Edward Gottesman that the PC division is being sold for $159 million to $190 million. Gottesman said information on the ownership of Piedmont International will be announced in due course. Gottesman and Colaninno said that Gianmario Rossignolo, chairman of the AB Electrolux unit Zanussi, has agreed to become executive chairman of Piedmont. As part of the deal, the Olivetti brand will be licensed to Piedmont for four years.