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Olivetti Group starts seeing black

The Olivetti IT and telecommunications group has announced that it expects to break even by the end of this year, ending a period of financial turmoil which saw the group sell off its PC operation to Piedmont International.The company has attributed its expected revival to a telecommunications alliance with Mannesmann as well as the international restructure of its computer business.

The Olivetti IT and telecommunications group has announced that it expects to break even by the end of this year, ending a period of financial turmoil which saw the group sell off its PC operation to Piedmont International.

The company has attributed its expected revival to a telecommunications alliance with Mannesmann as well as the international restructure of its computer business. The PC operation Olivetti Computers Worldwide, of which the Olivetti Group still owns a 10 per cent stake, was sold off in January while Mannesmann will buy a 25 per cent stake of Olivetti's telecomms assets by December 15 for L1,100 billion. Mannessmann will acquire a further 24.9 per cent stake next year.

The Groups' UK operation Olsy Systems is also on the verge of a financial injection, following an expected merger with US firm Wang Laboratories. The completion of this deal is not expected until next year.