CSC SIGNS INTERIM AGREEMENT WITH DUPONT WITH POTENTIAL VALUE OF $1.9 BILLION
EL SEGUNDO, Calif., July 1 – Computer Sciences Corporation (NYSE: CSC) today announced it has signed an interim agreement to extend CSC’s current information technology (IT) outsourcing contract with DuPont that will otherwise expire May 31, 2007. The extension is subject to finalizing a definitive agreement. CSC and DuPont have agreed to complete the definitive agreement during the fourth quarter of 2005. Upon finalizing the definitive agreement, the extension will be for a period of seven years and seven months beyond the term of the current agreement. Under the definitive agreement, CSC will maintain existing services and provide desktop support in Latin America, including countries such as Brazil, Colombia, Mexico and Venezuela. CSC estimates the value of the extension will be approximately $1.9 billion over its term.
CSC’s relationship with DuPont began in June 1997 when the companies signed a landmark 10-year global IT outsourcing contract. Through the agreement, CSC operates DuPont's global information systems and technology infrastructure and provides selected applications services in more than 40 countries throughout the world.
“We are pleased to continue our very successful relationship with DuPont,” said CSC Chairman and Chief Executive Officer Van B. Honeycutt. “Our experience in serving large multinational firms like DuPont enables us to deliver operational results that directly support key business goals.”
“Information technology plays an increasingly important role in fulfilling DuPont’s vision to be the world’s most dynamic science company and in streamlining our global business operations,” said DuPont Chief Information Officer and Vice President of Information Systems Robert R. Ridout. “We recognize CSC’s commitment and flexibility to meet our business and IT productivity goals. This demonstrates DuPont’s expectations of continued value from our relationship.”
About CSCFounded in 1959, Computer Sciences Corporation is a leading global IT services company. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 79,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $14.1 billion from continuing operations for the 12 months ended April 1, 2005. For more information, visit the company’s Web site at
www.csc.com.