NEC JOINS BULL IN THE CAPITAL OF PACKARD BELL

A Strategy for Leadership in the Worldwide Multimedia PC Market

Louveciennes, July 5, 1995. NEC, Bull's shareholder and longstanding
partner for enterprise systems, announced today that it has signed a
memorandum of understanding with Packard Bell, under which NEC will
acquire 19.99% of Packard Bell's capital for 170 million US dollars. Bull
will participate in the capital increase in order to maintain its current
level of participation, equal to that of NEC. Like Bull, NEC, will be
represented on Packard Bell's board of directors.

Together, Bull and NEC will have almost a 40% stake in Packard Bell, the
world leader in multimedia PCs founded and managed by Beny Alagem. Along
with Packard Bell, Bull and NEC have thus committed themselves to the
worldwide PC market and in particular the rapidly growing new market for
multimedia PC's.

MULTIPLE COOPERATION AGREEMENTS CREATE A POWERFUL COMBINATION FOR THE
WORLDWIDE PC AND MULTIMEDIA PC MARKETS.

This strategic alliance strengthens the network of industrial partnerships
developed around Bull over the past several years. Moreover, it positions
the combination of Packard Bell, NEC and Bull/ZDS as a leader in the
developing PC and multimedia PC markets. The three strategic allies intend
to develop together a strategy of worldwide cooperation in these markets:
In addition to the existing domains of cooperation:

* between ZDS and Packard Bell (cross OEM PC supply and common components
purchasing),

* between Bull and Packard Bell (manufacturing of circuit boards and
exchange of patents and technology),

* between ZDS and NEC ( purchasing/sales of components and peripherals),
today's agreement will lead to new domains of cooperation between NEC and
Packard Bell (cross supply of hardware and software, distribution
agreements).

In addition, existing industrial agreements between Bull/ZDS and Packard
Bell will be renewed and improved in order to further benefit from reduced
costs due to high volume purchasing of components and sub-assemblies (
disks, CD-ROM players, monitors, etc.) and manufacturing of circuit boards
and multimedia PC's.

A WIN-WIN PARTNERSHIP BETWEEN BULL/ZDS AND PACKARD BELL.

In July 1993, Bull acquired 19.9 % of Packard Bell for $ 40 million. Since
that time the two companies have developed a mutually profitable
industrial partnership:

** This agreement significantly contributed in 1994 to the growth and
financial turnaround of Zenith Data Systems, Bull's PC company, and to the
strong development of the industrial activities of Bull's Electronics in
the United States and in France. It also led to Packard Bell's decision to
transfer its European manufacturing to Angers in premises previously
occupied by Bull.

** This alliance also played a important role in allowing Packard Bell to
improve its cost structure and competitivness and to achieve exceptional
growth in the personal computing market.

Packard Bell developed an original marketing strategy targetting the
domestic market and was able to anticipate very early the demand for home
multimedia solutions. It became in the last quarter of 1994 and in the
first quarter of 1995 the leading supplier of personal computers in the
United States and, according to IDC,number four worldwide in terms of
units sold. In 1994, Packard Bell achieved record growth, with revenues
that went from 1.25 to three billion US dollars.

In a press conference organized in Tokyo by NEC, Thierry Breton, Senior
Executive Vice-President of Bull, said: "We are extremely satisfied with
this major decision of our shareholder and long term partner NEC to invest
in Packard Bell, just as did Bull two years ago. This decision
demonstrates a common view, at all levels, between Bull partners. Zenith
Data Systems, our PC company, will benefit from reinforced means to
develop an aggressive strategy for the personal computing and multimedia
markets with Packard Bell and NEC, the two leading PC suppliers in the
United States and Japan".

Jean-Marie Descarpentries, Chairman and CEO of Bull, said "This agreement
is the first concrete strategic consequence of the French State's decision
to open Bull's capital to private industrial partners. This first step
towards Bull's privatization was deliberately started before the end of
Bull's 1994/1995 turnaround, in order to launch as fast as possible a
development strategy with the support of Bull's future shareholders."
 
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