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Diebold acquires Procomp
SAO PAULO, Brazil -- Diebold has reached an agreement to purchase all of the stock of Procomp Amazonia Industria Electronica, S.A, a Brazilian manufacturer of ATMs and other retail and banking automation equipment. The acquisition, for a combination of cash and stock, is expected to be completed by Oct. 31, 1999 and is anticipated to be immediately accretive. ATMs and other self-service terminals account for approximately 50 percent of Procomp's overall business. Diebold has supplied Procomp with internal components for the manufacture of their self-service terminals since 1991. "The acquisition of Procomp is an important part of our globalization strategy, as it expands our presence in Latin America and enhances our position within the financial self-service niche," said Robert W. Mahoney, Diebold chairman and CEO. "More importantly, however, Procomp's diversity of product and scope will allow us to expand into new directions and offer a more comprehensive global product line." Procomp's management team will remain in place, with Eric Jan Roorda staying on as president of the Brazilian operation. "We are very pleased with this transaction which will open new channels of distribution for Procomp throughout Latin America and beyond," said Roorda. Procomp employs nearly 2,300 employees and operates more than 150 service locations throughout Brazil. In 1998, Procomp shipped more than 11,300 self-service terminals of which 7,300 were cash dispensers and ATMs. The company reported gross sales revenue of R$ 463,000,000 (US$399,000,000).
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