Diebold, now , has been a major name in Northeast Ohio business for a century and a half. But the company is reeling from recent financial problems and is trying to find a way to keep going.
Diebold Nixdorf saw its stock fall 40 percent in two days this month after announcing a second straight quarter of big, unexpected losses. Business media speculated that the ATM and Software Company was looking for a buyer.
But this week Diebold Nixdorf said it is securing a $650 million line of credit so it can meet current obligations and move forward.
Kent State University economist Jerimiah Harris said the stabilization plan is solid, but for a viable future Diebold Nixdorf has to change its core business.
鈥淭his ATM world right now is not a great business to be in. And it鈥檚 a declining market overall," he said. "One of their big competitors, , is also facing troubles. People just don鈥檛 need cash like they used to.鈥�
Diebold Nixdorf began in 1859 as the Diebold Bahman Safe Company in Cincinnati with a manufacturing plant in Canton. It eventually also moved the headquarters to Canton.
