GREEN, Ohio ATM maker Diebold on Tuesday said it plans to cut 700 jobs as part of a multiyear global restructuring to cut up to $150 million in costs, after it fell back into the red to the tune of $13.5 million for the first quarter.
Diebold, which employs about 2,000 in Ohio, said the job cuts would come primarily from North America and corporate operations as part of the company’s third major restructuring in the past five years.
First quarter’s loss compared to net income of $45.2 million for the first quarter last year. First-quarter revenue fell 9% to $633.5 million.
Diebold said it began taking actions in the fourth quarter of 2012 to streamline the company and that most of the cuts will be completed by the end of 2014, with total savings “fully realized by the end of 2015.” That includes its March 4 announcement that it was selling its manufacturing operations in Lynchburg, Va., and Lexington, Ky., to Porter’s Group, LLC of Bessemer City, N.C., a longtime materials supplier, for an undisclosed sum.
The company already has incurred about $10 million in restructuring costs for the first quarter of 2013, and expects an additional $15 million to $30 million in costs related to its realignment.
