Cash Dispenser Merger Planned
Two of the world's major suppliers of cash dispensing systems have announced plans to merge.
The acquisition of Inter Innovation, a Swedish company with a U.S. office in Cedar Rapids, Iowa, by London-based De La Rue PLC will result in a new unit to be known as De La Rue Inter Innovation Systems. The deal, awaiting regulatory approval, was priced at $162 million in cash.
De La Rue, a major commercial printer of currency and bank documents in Europe, views the acquisition as an opportunity to expand in the market for teller cash-dispensing machines.
For More Accurate Counting
These units, which are similar to the cash dispensing mechanisms used in automated teller machines, are used to count money to be distributed to customers by tellers. The goal is to eliminate the errors that often occur in manual counting.
Inter Innovation has supplied such devices to hundreds of U.S. financial institutions., including Bank of Boston Corp. and NCNB Corp., Charlotte, N.C.