DULUTH, Ga. -- May 27, 2016 -- NCR Corporation (NYSE: NCR), a global leader in omni-channel solutions, today announced that it has completed the first phase of the previously announced sale of its Interactive Printer Solutions (IPS) division to Atlas Holdings LLC. Going forward, IPS will operate as a stand-alone portfolio company of Atlas Holdings, and will be called Iconex. Iconex will continue to maintain a commercial relationship with NCR.
The first phase of the transaction included all dedicated assets of the IPS division, including all manufacturing facilities and strategically located IPS distribution centers, and the IPS employees, worldwide, other than in the Middle East and Africa (MEA) region. IPS assets in the MEA region will continue to be operated by NCR while the parties work to satisfy regional closing conditions. Completion of the transfer of IPS assets in the MEA region is anticipated to occur in the third quarter of 2016. Financial terms of the transaction were not disclosed.
“The decision to sell our IPS division aligns with our vision to drive growth in software and services,” said Bill Nuti, Chairman and CEO, NCR Corporation. “NCR is more focused than ever on providing omni-channel solutions that power the infrastructure behind today’s connected economy.”
SunTrust Robinson Humphrey acted as exclusive financial advisor and Womble Carlyle Sandridge & Rice, LLP acted as lead legal counsel to NCR on the transaction. Jones Day acted as legal counsel to Atlas Holdings on the transaction.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in omni-channel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 550 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with over 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. All other trademarks or registered trademarks are property of their respective owners.
NCR encourages investors to visit its web site which is updated regularly with financial and other important information about NCR.
About Atlas Holdings LLC
Founded in 2002, Atlas Holdings LLC is headquartered in Greenwich, Connecticut. Atlas and its affiliates own 17 companies that employ approximately 23,000 associates and operate from more than 100 facilities across the globe, generating more than $4 billion in revenue annually. Atlas companies are engaged in a variety of industries, including steel, paper and tissue, packaging, aluminum processing, automotive, building materials, capital equipment, construction, energy, industrial services, power generation, and supply chain management. Visit www.atlasholdingsllc.com for more information.
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This release contains forward-looking statements. Forward-looking statements use words such as “expect,” “anticipate,” “outlook,” “intend,” “believe,” “will,” “should,” “would,” “could” and words of similar meaning. Statements that describe or relate to NCR’s plans, goals, intentions, strategies or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of NCR's control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors relating to: the successful closing of the sale of the remaining assets of the IPS division and achievement of potential benefits from the divestiture; domestic and global economic and credit conditions including, in particular, market conditions and spending trends in the financial services industry, fluctuations in oil and commodity prices and their effects on local, regional and global market conditions, and economic and market conditions in Russia, China and emerging markets; the impact of our indebtedness and its terms on our financial and operating activities; the impact of the terms of our strategic relationship with Blackstone and our Series A Convertible Preferred Stock; foreign currency fluctuations; our ability to successfully introduce new solutions and compete in the information technology industry; the transformation of our business model and our ability to sell higher-margin software and services; our ability to improve execution in our sales and services organizations; defects or errors in our products or problems with our hosting facilities; compliance with data privacy and protection requirements; manufacturing disruptions; collectability difficulties in subcontracting relationships in Emerging Industries; the historical seasonality of our sales; the availability and success of acquisitions, divestitures and alliances; our pension strategy and underfunded pension obligation; the success of our ongoing restructuring plan; tax rates; reliance on third party suppliers; development and protection of intellectual property; workforce turnover and the ability to attract and retain skilled employees; environmental exposures from our historical and ongoing manufacturing activities; and uncertainties with regard to regulations, lawsuits, claims and other matters across various jurisdictions. Additional information concerning these and other factors can be found in the Company's filings with the U.S. Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise