Today, NCR Corporation (NYSE: NCR), the global leader in consumer
transaction technologies, announced that it has signed a definitive
agreement under which Atlas Holdings LLC will acquire NCR Corporation’s
Interactive Printer Solutions (IPS) division. The acquisition is
anticipated to be completed in the second quarter of 2016. Financial
terms of the transaction were not disclosed.
NCR’s IPS division is a leading global provider of innovative consumable
products and solutions for transactions, logistics and business
processes in the retail, financial, hospitality, e-commerce,
warehousing, distribution and manufacturing industries. The division
provides a comprehensive suite of solutions including stock and custom
color-printed paper receipt rolls, pressure-sensitive label solutions,
impact inking and thermal transfer ribbons, as well as other transaction
related consumable products.
Atlas Holdings LLC and its affiliates own and operate sixteen
manufacturing and distribution companies, with approximately 20,000
associates and facilities in over 100 locations across the globe. Over
the past sixteen years, Atlas has successfully partnered with numerous
corporations to carve-out business divisions and form stand-alone
companies that strengthen their workforces, increase revenues and
enhance the communities of which they are a part.
“Over the past 10 years, we have been executing a successful business
reinvention led by a vision, mission and strategy that remains focused
on driving growth in software and services,” said NCR Chairman and CEO
Bill Nuti. “While the consumables business has been an important part of
NCR’s history, the decision to sell the IPS division is aligned with our
long-term vision for how we can best position NCR for success now and in
the future.”
“NCR’s Interactive Printer Solutions is the premier provider of products
that help facilitate the world’s transactions, logistics and business
processes,” said Andrew M. Bursky, Managing Partner at Atlas Holdings
LLC. “It is an iconic brand, known for its superior quality, innovation
and customer service. This transaction combines that history and current
market leadership with Atlas’ financial and human capital, and proven
ability to grow global businesses.”
The transaction will include all dedicated assets of the IPS division,
including all manufacturing facilities and strategically located IPS
distribution centers worldwide, and the IPS employees. After the
acquisition, IPS will operate as a stand-alone portfolio company of
Atlas Holdings, and will continue to maintain a commercial relationship
with NCR.
The transaction is subject to the receipt of certain regulatory
approvals, satisfaction of customary closing conditions, and processes
to be followed by NCR subsidiaries and Atlas in applicable
jurisdictions, for example, to comply with local laws regarding
employees and employee communications.
SunTrust Robinson Humphrey acted as exclusive financial advisor and
Womble Carlyle Sandridge & Rice, LLP acted as lead legal counsel to NCR
on the transaction. Jones Day acted as legal counsel to Atlas Holdings
on the transaction.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction
technologies, turning everyday interactions with businesses into
exceptional experiences. With its software, hardware, and portfolio of
services, NCR enables nearly 550 million transactions daily across
retail, financial, travel, hospitality, telecom and technology, and
small business. NCR solutions run the everyday transactions that make
your life easier.
NCR is headquartered in Duluth, Georgia with approximately 29,000
employees and does business in 180 countries. NCR is a trademark of NCR
Corporation in the United States and other countries.
Web sites: www.ncr.com,
www.ncrsilver.com
Twitter: @NCRCorporation
Facebook: www.facebook.com/ncrcorp
LinkedIn: www.linkedin.com/company/ncr-corporation
YouTube: www.youtube.com/user/ncrcorporation
About Atlas Holdings LLC
Founded in 2002, Atlas Holdings LLC is headquartered in Greenwich,
Connecticut. Atlas and its affiliates own 16 companies that employ
approximately 20,000 associates and operate from more than 100
facilities across the globe — generating more than $4 billion in revenue
annually. Atlas companies are engaged in a variety of industries,
including paper and tissue, packaging, aluminum processing, automotive,
building materials, capital equipment, construction, energy, industrial
services, power generation, steel, and supply chain management. Visit www.atlasholdingsllc.com
for more information.
Note to Investors This release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements use words such as
“expect,” “anticipate,” “outlook,” “intend,” “believe,” “will,”
“should,” “would,” “could” and words of similar meaning. Statements that
describe or relate to NCR’s future plans, goals, intentions, strategies
or financial outlook, and statements that do not relate to historical or
current fact, are examples of forward-looking statements.
Forward-looking statements are based on our current beliefs,
expectations and assumptions, which may not prove to be accurate, and
involve a number of known and unknown risks and uncertainties, many of
which are out of NCR's control. Forward-looking statements are not
guarantees of future performance, and there are a number of important
factors that could cause actual outcomes and results to differ
materially from the results contemplated by such forward-looking
statements, including those factors relating to: the successful closing
of the sale of the IPS division and achievement of its potential
benefits; domestic and global economic and credit conditions including,
in particular, market conditions and spending trends in the retail
industry and economic and market conditions in Russia and China; the
impact of our indebtedness and its terms on our financial and operating
activities; foreign currency fluctuations; our ability to successfully
introduce new solutions and compete in the information technology
industry; the transformation of our business model and our ability to
sell higher-margin software and services; our ability to improve
execution in our sales and services organizations; defects or errors in
our products or problems with our hosting facilities; manufacturing
disruptions; collectability difficulties in subcontracting relationships
in Emerging Industries; the historical seasonality of our sales;
compliance with data privacy and protection requirements; the
availability and success of acquisitions, divestitures and alliances,
including the acquisition of Digital Insight; our pension strategy and
underfunded pension obligation; the success of our ongoing restructuring
plan; tax rates; reliance on third party suppliers; development and
protection of intellectual property; workforce turnover and the ability
to attract and retain skilled employees; environmental exposures from
our historical and ongoing manufacturing activities; and uncertainties
with regard to regulations, lawsuits, claims and other matters across
various jurisdictions. Additional information concerning these and other
factors can be found in the Company's filings with the U.S. Securities
and Exchange Commission, including the Company’s most recent annual
report on Form 10-K, quarterly reports on Form 10-Q and current reports
on Form 8-K. Any forward-looking statement speaks only as of the date on
which it is made. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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