Getronics, the Dutch computer services provider, has made a seven-fold profit on the sale of its payroll processor subsidiary to NIB Capital Private Equity, in an attempt to reduce its heavy debt burden.

Getronics Human Resources Solutions unit was sold for €315m ($346m) in cash, as part of Getronics' plan to dump non-core units to repay its convertible bonds, which are worth more than €550m and due to mature in 2004 and 2005. Following the close of the sale in June, the human resources solutions unit will trade as RAET, the company's name before its acquisition by Getronics in 1996.