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Triton Systems of Delaware Inc., a Long Beach, Miss.-based ATM manufacturer, has laid off 58 of its 306 workers to cut costs following the collapse of a merger deal with Nautilus Hyosung Inc. (CardLine, 5/26). "We had to 'right-size' the company," Daryl Cornell, Triton general manager and chief financial officer, tells ATM&Debit News, a CardLine sister publication. "We laid off a combination of employees, ranging from hourly workers to mid-level and high-level management." Last July, Dover Corp., Triton's New York-based parent, and Nautilus Hyosung, which is based in Seoul, South Korea, announced a deal in which Nautilus Hyosung agreed to purchase Triton for stock. The companies did not disclose terms of the deal. The combined companies would have controlled 70% of the $175 million off-premise ATM market, say industry analysts. The sale was scheduled to close Oct. 1, pending U.S. Department of Justice approval. The department, however, decided the agreement would have raised ATM prices for small retailers. As a result, Dover and Nautilus Hyosung recently agreed to terminate their purchase agreement. Before the Justice Department's decision, Triton hired additional workers because it expected the government to approve the deal, says James Phillips, Triton director of North American Sales. Besides its Long Beach plant, Triton operates a customer-support, parts, sales and training facility in Memphis, Tenn.
