NORTH CANTON, Ohio – Diebold, Incorporated (NYSE:DBD) has signed an agreement to purchase the physical and electronic security assets, currency processing, certain service and support activities, and related properties of Mosler, Incorporated for approximately $28 million.
Mosler, which announced Aug. 3 that it would cease operations and file for Chapter 11 bankruptcy, was an integrator of physical and electronic security systems, monitoring services, support and maintenance.
"This purchase will effectively protect our mutual customer base and complement our product and service offerings," said Walden W. O'Dell, Diebold's chairman, president and chief executive officer. "Mosler was in business for 134 years, has an excellent name and brand recognition as well as a parallel history with Diebold that makes it a perfect fit."
The agreement in principle includes the purchase of selected assets and operations of Mosler, specifically all intellectual property, GSA listings, the central monitoring station, access control equipment, inventory and certain real estate with an expected net book value approximating the purchase price.
In related developments, Diebold is obtaining the rights to sell, install and service equipment formerly sold by Mosler, such as Toshiba's currency sorting equipment and service, as well as Pacom's product solutions to the financial and commercial markets in the U.S., Canada, Mexico, and Central and South America.
Diebold expects to close the acquisition by the end of October.
According to a Diebold news release, when fully integrated the Mosler business could add $100 million to Diebold revenue.
