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Diebold Buying Indian ATM Plant

The company cites its strong relationship with seller Tata Infotech.
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agreed to buy Tata Infotech's automated teller machine manufacturing plant in India.

Terms weren't disclosed. North Canton, Ohio-based Diebold said the plant is located in the Indian state of Goa and will focus on supplying ATMs for customers in India and elsewhere in Asia. It will be renamed Diebold Goa Manufacturing.

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In 2002, Diebold and Tata Infotech entered into a contract-manufacturing agreement in which Tata set up a separate facility to manufacture Diebold ATMs in India for distribution by Diebold throughout India, South Asia and Southeast Asia.

"We're delighted to take this important step to increase our presence and meet our business objectives in India," said Diebold CEO Eric C. Evans. "This plant will help advance Diebold's manufacturing capability throughout Asia and will dramatically increase our ability to meet the needs of our customers in India."

The 30,000-square-foot facility is equipped with modern manufacturing equipment, including testing facilities and production and inspection equipment to undertake prototyping and fabrication, Diebold said.

On Friday, Diebold rose 19 cents to $48.20.