NCR Announces Agreement To Sell Interactive Printer Solutions Division To Atlas Holdings LLC
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.
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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.
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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.