NCR Corporation has announced its intention to separate into two independent publicly traded companies, through the spin off of 100% of the company's Teradata Data Warehousing business to holders of shares of NCR common stock.
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The transaction, expected to be tax-free to NCR and its shareholders, will enable the two publicly traded companies to better focus on their distinct customer base, business strategy and operational needs, said NCR.
Teradata is a leading company in the enterprise datawarehousing market. NCR remains a leader in automated teller machines (ATMs), retail self-checkout systems, automated bill payment systems, and airline, hotel and hospital self-check-in/out kiosks.
Bill Nuti, NCR CEO, said, "This separation is a logical strategic step for NCR. We believe it will benefit our customers, business partners, employees and shareholders.
“Teradata and the new NCR operate in different markets each with solid prospects for the future, but they have markedly different business models,” said Nuti.
Following the separation, Nuti will serve as president and CEO of NCR, and Mike Koehler, currently senior vice-president of the Teradata division, will serve as president and CEO of Teradata.
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