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Diebold to lay off 800 workers
NORTH CANTON, Ohio (2/8/08)--Diebold plans to reduce its global workforce by 800 full-time positions in an effort to reduce the company’s costs by $100 million. Most reductions will occur in North America, Brazil and Western Europe. “While these are difficult, challenging decisions, I believe they are necessary given the environment we are facing,” said Thomas W. Swidarski, Diebold president/CEO. Diebold earned $2.9 billion in revised revenue for 2007, an increase of 1% from the previous year. “While I am disappointed with our overall revenue growth in 2007, we faced significant challenges in all of our businesses,” Swidarski said. “The significant deterioration in the election systems market in 2007, the postponement of expected Brazilian lottery revenue and accelerated weakness in traditional bank-branch construction in the U.S. have negatively affected our expected year-over-year revenue growth.” The company estimated that discontinuing its bill-and-hold revenue recognition accounting method will result in a net revenue increase for 2007 and 2006 of $31 million and $27 million, respectively. Diebold expects that financial self-service and security revenue growth in the U.S. market between flat and a decrease of 5% in 2008, with revenue growth in the large, national banks being more offset by anticipated weakness in the regional bank market, Swidarski said.


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