NORTH CANTON, Ohio (10/26/12)--Diebold Inc. is suspending indefinitely its plans to construct a new global headquarters facility, the company announced.
Diebold will focus its resources and strategic direction on generating long-term, sustainable growth, using its assets to capitalize on acquisitions and invest in technologies and services that will help grow the business, the company said.
Diebold is a CUNA Strategic Services provider.
The company has no plans to pursue new construction options for its global headquarters facility, either in Ohio or elsewhere, and is committed to remaining in its current location in Green, Ohio. Diebold will decline the various state and local financial incentives it was previously offered, and allow those assets to be redirected to other programs that will benefit its state and region.
On April 12, 2011, Diebold had announced its plans to construct a new, consolidated corporate campus to expand its global headquarters in the Akron/Canton region. In January, the company announced that it chose a 55-acre site in Green as its preferred site.
"As we've been analyzing our near- and long-term growth priorities, it has become clear that investing more than $100 million in a headquarters facility is not economically feasible given the other priorities for the business at this time," said Thomas W. Swidarski, Diebold president/CEO. "We have tremendous opportunities for growth, both through acquisition and organic means. Therefore, we must ensure that we maintain adequate capital flexibility to take advantage of these prospects that will position us for long-term growth."
The recently announced acquisitions of logical security and services businesses in Brazil and Turkey and the need to spend on information technology and services infrastructure, software and global shared services, represent the kinds of investments Diebold is making to grow, the company said.
During the next several years, Diebold will update and enhance the company's existing headquarters in Green and other facilities in the area to create a more sustainable, satisfying work environment for its associates, the company said.