Reply #8: Diebold unloads voting machine albatross [View All]

Source: CNN Money

Diebold Inc. said Thursday it has sold its voting machine business to Election Systems & Software, Inc., in a deal that could result in a $55 million loss for the ATM maker.

Premier Election Solutions, Inc., the subsidiary that makes up the bulk of Diebold's voting machine business, will be sold to Election Systems & Software for $5 million plus payments representing 70% of any cash collected on Premier's outstanding accounts receivable as of Aug. 31.

Diebold said it expects to suffer a pre-tax loss in the range of $45 million to $55 million related to the sale.

Diebold entered the election systems business in 2002, when it purchased Global Election Systems, Inc. But it began looking for "strategic alternatives to ownership" for the business in 2006.

Read more: http://money.cnn.com/2009/09/03/news/companies/Diebold_voting_machine/index.htm