Merger Synergies Setting Stock Up for Banner 2016 Says Diebold CEO

Shares of Diebold (DBD) are down 8% so far this year, but the company’s CEO Andreas Mattes said things are already looking up for 2016 when the ATM manufacturer completes its $1.8 billion acquisition of German-based Wincor Nixdorf. 'We are on a journey to become a services led software enabled company and this going to propel us to a much bigger level,' said Mattes.The new company will be called Diebold Nixdorf and it will boast the largest installed base in the world with nearly 1 million bank-owned ATMs. According to Diebold, approximately 1 in 3 cash withdrawals made globally will be made at one of the combined company’s ATMs. Diebold Nixdorf will also boast one of the largest services organization in the industry with more than 15,000 professionals globally. Mattes said he expects the transaction, which will likely be completed in full by the middle of next year, to yield approximately $160 million of annual cost synergies.