Packard Bell NEC May Delay IPO Until ’99

Packard Bell NEC Inc. said it may wait as late as mid-1999 to sell shares in an initial public offering as it tries to shore up its declining share of the U.S. personal computer market. The IPO delay follows last week’s announcement that NEC Corp. is increasing its stake in the U.S. computer maker to 49% and will lend Sacramento-based Packard Bell $300 million to finance an offering. Separately, Packard Bell spokeswoman Debbie Thornton said the company has no plans to fire workers as part of a restructuring. On Sunday, the Japanese newspaper Nihon Keizai reported that the loan agreement with NEC called for Packard Bell to cut more than 1,000 jobs. Thornton said the company will hold its IPO until the timing is better. Although Packard Bell remains the second-largest maker of PCs sold to home users, increased competition has narrowed its profit margin.