Diebold Nixdorf Takes Steps to Deal with Financial Issues
Diebold, now Diebold Nixdorf, has been a major name in Northeast Ohio business for a century and a half. But the company is reeling from recent financial problems and is trying to find a way to keep going.
Diebold Nixdorf saw its stock fall 40 percent in two days this month after announcing a second straight quarter of big, unexpected losses. Business media speculated that the ATM and Software Company was looking for a buyer.
But this week Diebold Nixdorf said it is securing a $650 million line of credit so it can meet current obligations and move forward.
Kent State University economist Jerimiah Harris said the stabilization plan is solid, but for a viable future Diebold Nixdorf has to change its core business.
“This ATM world right now is not a great business to be in. And it’s a declining market overall," he said. "One of their big competitors, NCR, is also facing troubles. People just don’t need cash like they used to.”
Diebold Nixdorf began in 1859 as the Diebold Bahman Safe Company in Cincinnati with a manufacturing plant in Canton. It eventually also moved the headquarters to Canton.