OKI (TOKYO:6703) today announced that the company has completed share purchase of the ATM business including banking, retail automation and services from Itautec S.A.- Grupo Itautec (Itautec).
OKI has acquired 70% stake of the new company which has been established through Itautec's company split. The new company, OKI Brasil S.A, has started operations effective January 10, as part of the OKI Group.
"We are pleased to have completed the agreement with Itautec"
OKI's Mid-term Business Plan 2016 announced on November 12, 2013 sets expansion of overseas businesses as one of the most important management strategies. Within its ATM business, OKI's cash-recycling ATM has a strong track record in China, Russia and Indonesia. In order to further expand its overseas business and help accelerate business growth, OKI has established an ATM business company that includes banking as well as retail automation, and services in Brazil.
Itautec's Automation and Services division is the second largest ATM manufacturer in Brazil, holding approximately 30% of the market share with leading clients such as Itaú Unibanco, which is the largest private bank in Latin America. Headquartered in Brazil, Itautec's Automation and Services division has a manufacturing facility in Brazil, 3,700 service sites throughout the country and sales operations in Argentine and Mexico. The division designs, develops, manufactures, sells and maintains automation equipment such as ATMs and other IT equipment.
"We are pleased to have completed the agreement with Itautec," says Hideichi Kawasaki, President of OKI. "I am confident that the OKI-nurtured ATM business will continue to expand in Latin America by capitalizing on strengths of both companies. The establishment of OKI Brasil S.A demonstrates OKI's commitment to grow its overseas business, at the same time, aim for top ATM market share by providing dedicated support through banking and retail automation services in Brazil. This will also enforce OKI's future growth which is part of OKI's Mid-term Business Plan."
Moving forward, OKI will develop its ATM business in Latin America through designing, developing, manufacturing and o offering maintenance services under the OKI brand. OKI aims to expand market share by drawing on the establishment of the new company that will assume Itautec's extensive customer base and maintenance network.
[Overview of OKI Brasil S.A]
Company name: OKI Brasil Indústria e Comércio de Produtos e Tecnologia em Automação S.A.
Address: State of São Paulo, Brazil
Effective date: January 10, 2014
Capital Approx 200 million Real (70% by OKI Electric Industry, 30% by Itautec S.A.- Grupo Itautec)
Representative: Yoshiyuki Nakano, President and Representative Director (Effective March 2014)
Employees: Approx. 4,000 personnel (consolidated base)
Operation: Design, develop, manufacture, sell automated equipment and provide services.