Diebold restructures Latin American operations

Source: Diebold

As part of the company's on-going transformation efforts, Diebold, Incorporated (DBD) is realigning the structure of its Brazil and Latin America operations to drive greater efficiency and further improve customer service.

Effective immediately, Diebold's Brazil and Latin America businesses will be merged into a single division and led by Octavio Marquez, senior vice president and managing director, Latin America. Joao Abud, president of Diebold Brazil, is leaving the company to pursue other interests.

"We are committed to continually improving our global operations, and are confident that merging our Brazil and Latin America operations will further advance our Diebold 2.0 transformation efforts," said Andy W. Mattes, Diebold president and chief executive officer. "We've been on a solid growth path in Latin America. This change will enable us to fully leverage our resources in Brazil for the entire region and unlock more opportunities to drive growth, improve efficiencies and reduce costs."

From a financial reporting perspective, moving forward Diebold will record combined results from its Latin America and Brazil businesses beginning with the first quarter 2015 earnings release. Costs associated with this operational change are expected to fall within the company's previously reported earnings guidance for restructuring charges and net non-routine income and expenses of $.05 to $.15 per share, as announced during Diebold's investment community conference on Dec. 10, 2014.

Diebold is the financial self-service market leader in both Brazil and Latin America, according to recent market data from Retail Banking Research (RBR)[1]. The company entered the Brazil market with the acquisition of Procomp Amazonia Industria Electronica, S.A., in October 1999. Diebold began competing in the Latin America market through a joint venture in Mexico in 1988. The company currently employs approximately 3,300 people in Brazil and 2,500 in its Latin America division.

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