SGI is a provider of high-performance computing, advanced graphics, and consulting services. Goldman Sachs is an investment banking and securities firm.
In October of 2000, SGI announced plans to sell select non-operating assets during the fiscal year as a part of an overall financial restructuring outlined by Harold Covert, the company's CFO. "Ultimately, this move allows us to improve our cash position, invest in our core business and deliver enhanced shareholder value," said Covert in announcing the sale. SGI will announce its second quarter earnings on Jan. 18.
For Goldman Sachs, the transaction is reflective of the company's ongoing strategy of "helping corporations raise capital by monetizing the value of their real estate holdings," states Steven M. Feldman, managing director for Goldman Sachs.
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