Mellon Financial Corp. agreed to sell the human resources consulting and outsourcing businesses of its Mellon Human Resources and Investor Solutions unit to business and information technology outsourcing firm Affiliated Computer Services Inc. for $445 million in cash. Mellon will retain its shareholder services group, Mellon Investor Services, which will now be part of Mellon's new Payment Solutions & Investor Services unit, which will be headed by James D. Aramanda, a Mellon vice chairman who previously headed the HR&IS sector.
Ron Gruendl, a Mellon spokesman, said the firm plans to use proceeds from the sale to invest in its remaining core businesses and to take advantage of growth opportunities.
ACS will get Mellon's 3,000 human resources outsourcing clients and 4,000 employees of the unit, said Lesley Pool, senior vice president and chief marketing officer of ACS. No immediate layoffs are planned, she said.
