Diebold (DBD) is making a bid to retool itself for growth.

The ATM maker said Tuesday it plans to eliminate roughly 700 jobs, about 4.3% of its workforce, as part of a series of steps the company says will enable it to lower overhead by as much as $150 million over the coming three years.

Diebold also said it would sell plants in Lynchburg, Va. and Lexington, N.C. to a supplier and take steps to rein in spending on travel, vehicles and other activities the company deems to be non-essential.

The job cuts will occur primarily at the company's operations in North America.

Diebold lost $13.4 million in the first quarter after earning $45.2 million a year earlier, the company announced separately on Tuesday. Besides being saddled with administrative costs and sluggish sales in North America, the North Canton, Ohio-based company said it faces fierce competition throughout Latin America and Asia.

"The decisions associated with our realignment plan are necessary for the sustainability and success of the company and to place Diebold on the right path for growth," George Mayes Jr., Diebold's chief operating officer, said in a press release.

Diebold added that it would reorganize its operations with the goals of competing more effectively overseas and boosting responsiveness to customers. The company said it would set up an internal unit for research and development, standardize processes and reassess pricing as part of the changes.

The company said it expects to use roughly half the savings from the overhaul to boost profits while using the remainder to fuel research and improve software and systems. Diebold said the moves would cost the company $10 million in the first quarter and between $15 million and $30 million between now and 2015.