LG CNS aims to offload struggling ATM business
LG CNS, the IT services arm of LG Corp., is selling its ATM hardware business just shy of five years after acquiring it in January 2013 from LG N-Sys, another LG unit that specializes in IT infrastructure.
A report by Business Korea cited industry sources who said that the proposed sale is part of a restructuring plan. BK said that the company was likely seeking the sale due to "poor performance caused by the decrease in ATM demand."
The company manufactured a total of 2,993 ATMs in 2016 compared with 7,442 in 2014, the report said.
Several potential buyers — including two in Korea, one in China and one in the U.S. — have expressed interest in a potential acquisition, the report said.