COMPUTERS: Farewell to a Flagging Firm

Farewell to a Flagging Firm

The marriage seemed formidable. To create a high-tech giant that could challenge IBM, former Treasury Secretary W. Michael Blumenthal welded computer also-rans Burroughs and Sperry in 1986 to create Unisys Corp. But after a fast start, Unisys has suffered from lagging technology and sagging military spending. With the company in turmoil, Blumenthal, 64, retired as chairman last week to concentrate on his role as a partner in the Lazard Freres investment-banking firm. He had stepped down as chief executive when he joined Lazard last April.

Blumenthal's departure came as Unisys reported a $357 million loss for the third quarter and said...

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