Olivetti PC buyer possible

Troubled computer and telecommunications company Olivetti might have a buyer in the wings for its PC division, its chief executive said today.

Roberto Colaninno, in a presentation to the Italian Senate's industry committee, also noted that a potential buyer may retain the workforce, according to the Associated Press. Colaninno declined to identify the potential buyer.

Olivetti workers called a brief strike last week after the company announced plans to sell the PC division. They were protesting the prospect of losing their jobs under a new owner.

Olivetti, which has undergone a management shakeup and massive losses, had pointed to its PC division as being a drain on earnings. The company lost $293 million during its first half, coming off a $1 billion loss for the previous year.

A sale of the PC division could fetch as much as $500 million, the Associated Press reported.