NORTH CANTON, Ohio - A multi-year realignment plan for Diebold means saving $100 million and slashing 700 jobs.
The ATM making company expects to reinvest a portion of the savings in research, development and the systems and infrastructure necessary to drive long-term growth and execute on electronic security and financial self-service strategies.
The workforce reduction of the 700 full-time positions, primarily in North America and corporate operations, have already taken place.
Diebold is also moving toward a more centralized management structure in order to drive swift action and clear accountability across its global operations.
"The process of change management is challenging, and it entails making difficult decisions. These difficult but necessary actions represent significant changes to our overall cost structure and organization. We have performed a thorough review of our current and future business requirements and have identified the changes that will support our long-term strategies to maximize cash flow, enable continued growth and drive shareholder value," said George Mayes Jr., Diebold executive vice president and COO. "These changes—along with the longer-term, structural transformational objectives we are working toward—will better prepare the company for positive growth moving forward. We are fully committed to achieve targeted savings and will pursue these initiatives with urgency and focus."
The new plan is expected to be in effect by the end of 2015.
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PROVIDENCE, R.I. (AP) — Shoppers in many states will line up for deals hours after Thanksgiving dinner, but stores in a handful are barred by law from opening on the holiday.
The stock market is ending little changed as investors absorb a mixed batch of corporate news and anticipate lower oil prices.