United States
                        Washington, D.C. 20549-1004

                                FORM 8 - K
                              CURRENT REPORT


      Date of Report (Date of earliest event reported): April 18, 2001

                               PITNEY BOWES INC.

                       Commission File Number: 1-3579

     State of Incorporation                IRS Employer Identification No.
            Delaware                                06-0495050

                                  World Headquarters
                           Stamford, Connecticut 06926-0700
                           Telephone Number: (203) 356-5000

Item 5 - Other Events.

The registrant's press release dated April 18, 2001,  regarding its announcement
to acquire Bell & Howell's International Mail and Messaging Technologies.

Item 7 - Financial Statements and Exhibits.

c. Exhibits.

The following  exhibits are furnished in accordance  with the provisions of Item
601 of Regulation S-K:

Exhibit                            Description
-------                            -----------
(1)      Pitney Bowes Inc. press release dated April 18, 2001.


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   PITNEY BOWES INC.

April 19, 2001

                                   /s/ B.P. Nolop
                                   B. P. Nolop
                                   Executive Vice President and
                                   Chief Financial Officer
                                   (Principal Financial Officer)

                                   /s/ A.F. Henock
                                   A. F. Henock
                                   Vice President - Finance
                                   (Principal Accounting Officer)

                                                      Exhibit 1

                Pitney Bowes Agrees To Acquire Bell & Howell'S
                International Mail and Messaging Technologies

              Significantly Strengthens European and Asian Presence;
                   Positions Company for International Growth

STAMFORD,  CONN.,  April 18, 2001 - Pitney Bowes Inc.  (NYSE:PBI) has entered an
agreement  to  acquire  Bell  &  Howell's   International   Mail  and  Messaging
Technologies  (MMT)  business in Europe,  Africa,  Middle East and Asia, for $51
million in cash.  The parties  expect the  transaction  to close sometime in the
second  quarter  of 2001,  subject  to  governmental  approval  as well as works
council consultations.  London-based Bell & Howell International MMT markets and
services high-end mail processing,  sorting and service-related products through
a network of distributors  and direct  operations with reported  revenues of $84
million in 2000.

     The   acquisition   provides   Pitney  Bowes  with  critical  mass  in  key
international  markets, a variety of complementary  products and services, and a
platform for accelerated global growth in high-volume, high-value strategic mail
and document management.  "Acquiring Bell & Howell's  International MMT business
forwards our mission to provide innovative products and services that respond to
the fast changing needs of global customers," said Michael J. Critelli, chairman
and CEO of Pitney Bowes.  "It also supports our strategic  goal of expanding our
overall presence and market share in non-U.S.  markets. With this acquisition we
expand the opportunity for our leading edge document management products,  build
critical  mass in areas of great  opportunity  such as the  German,  French  and
Japanese  markets,  and  significantly  enhance our overall  breadth of coverage
(including  direct  sales and  service) in growth  areas such as Belgium and the

     The  two  companies  are a good  strategic  fit.  Adding  Bell  &  Howell's
International   MMT   development   and   manufacturing   functions   and  broad
international sales and service coverage to the existing  capabilities of Pitney
Bowes  Document   Messaging   Technologies   (DMT)  group  and  seeking  logical
infrastructure synergies with Pitney Bowes Global Mailing organization creates a
broadly  capable,  highly  competitive  global  organization.  "Brian  Baxendale
(president,  Pitney  Bowes  DMT),  Patrick  Keddy  (president,  Global  Mailing,
Europe/Africa/Middle  East) and their  organizations are enthusiastic about this
opportunity  and convinced  that it is a win for our customers and  shareholders
alike, " Mr. Critelli commented.

     Bell & Howell's  International MMT distribution network includes operations
in  the  U.K.,  Germany,  Japan,  France,  Austria,  Belgium,  the  Netherlands,
Singapore and Switzerland as well as independent dealers in other markets.  More
than 300 sales and service personnel provide highly skilled customer support and
deliver  superior  service  response time for the company's  3,000 plus high-end
'document  factory' mailers and mail house customers.  The company's  Freidberg,
Germany-based  manufacturing and engineering  organization  enhance the customer
value-proposition  as  well.  "Having   manufacturing   capabilities  in  closer
proximity to our customers is key to our  competitive  market position and gives
us the additional  flexibility to respond to European and Asian customers," said
Mr. Critelli.

     Pitney Bowes  Document  Messaging  Technologies  (DMT) today enjoys  double
digit growth in both revenue and operating  profit.  Though its operations  have
been  predominantly  centered  in  North-America,  Pitney  Bowes  DMT  leads the
industry in innovative  "document factory" and document management  applications
solutions.  The company has enjoyed recent notable success in Europe,  providing
its Digital Document Delivery (D3) solution for two large posts and a major bank
to support Web-based document delivery.

     "We  give  businesses  a way to  maximize  the  marketing  impact  of every
customer  communication,"  said  Brian  Baxendale,  president  of  Pitney  Bowes
Document Messaging  Technologies.  "Through strategic application of technology,
our expert  professional  services  personnel  provide the essential  high-level
support  needed to extract top value from these  strategic  mail,  messaging and
document  management  processes.  By refining data bases with  leading-edge list
cleansing and data integrity tools,  increasing  production  efficiency  through
sophisticated work flow and project  management,  or adding practical,  flexible
capabilities such as selectable Web or electronic message delivery,  we increase
the power and reach of our  customers  while  helping them contain  costs.  This
drive to make the most of every asset and every contact is a critical  component
of good customer relationship management."

     Pitney Bowes Document Messaging Technologies has three key components:

     Document  Factory  Solutions  provides   integrated   document   management
solutions for high-volume transactional (billing, statements, notifications) and
direct mail  marketplaces in which large volume  applications are managed with a
"manufacturing"  mindset to enhance productivity.  These integrated hardware and
software  systems  (DFWorks)  consist  of  high-speed  inputs,  intelligent  and
non-intelligent inserters, outputs, and state-of-the-art sorting systems.

     Incoming   Messaging   Solutions  offers  cutting  edge  technologies  that
processes  incoming mail many times faster and with greater accuracy than manual
methods,  and support the widest  range of mail and packages  from  postcard and
letter  mail to flats.  The  system  also  creates  and  maintains  an  accurate
recipient  "address"  file and  tracks  and  reports  on  operations  to enhance
workflow management.

     Pitney Bowes DocSense serves business-to-consumer, business-to-business and
internal  messaging  markets,   delivering   advanced  solutions  for  efficient
creation,  distribution and management of a variety of documents in either paper
or digital format, including bills, statements and payments.

     "At Bell & Howell's  International MMT unit, our mission has been to exceed
our customers'  expectations  in terms of product,  service and software,"  said
Mike Muller, the company's managing director who will stay on with Pitney Bowes.
"Over the years we have  deployed  leading  edge  products  and  software in the
market and our service  organization  is clearly among the best in the industry.
By  adding   cutting  edge  Pitney   Bowes   Document   Messaging   Technologies
functionality to our core offerings and leveraging our solid sales,  service and
support expertise,  we will continue to exceed customer  expectations as well as
build  an   organization   that  provides  our  associates   opportunities   for
professional  growth.  I look  forward  to  working  with  both Mr.  Baxendale's
Document Messaging  Technologies  organization and Pitney Bowes Global Mailing's
EAME group  (Europe,  Africa,  Middle  East) under  Patrick  Keddy to expand our
solutions and broaden our markets."

About Pitney Bowes
Pitney  Bowes  is a $4  billion  global  provider  of  integrated  mail and
document  management  solutions  headquartered  in  Stamford,  Connecticut.  The
company serves over 2 million businesses of all sizes in more than 130 countries
through dealer and direct  operations.  For additional  information about Pitney
Bowes, please visit our website at www.pitneybowes.com.

About Bell & Howell
Bell  &  Howell  Co.,  with  headquarters  in Ann  Arbor,  Mich.,  is a  leading
information solutions and services provider to industries worldwide.  In each of
its  businesses,   the  company  transforms  information  through  software  and
services,  helping its customers  operate more effectively and efficiently.  For
high volume mailers, Bell & Howell Mail and Messaging  Technologies develops and
markets turnkey solutions that transform  routine mailings (e.g.  statements and
invoices)   into   highly   targeted   paper-  and   electronic-based   customer
communications.  For  more  information  on Bell &  Howell  Mail  and  Messaging
Technologies       businesses,       call       800/220-3030       or      visit
http://bellhowell.mailmessaging.com. Additional information on Bell & Howell Co.
can be found at http://www.bellhowell.com.