De La Rue PLC
2 March 2001
DE LA RUE PLC
DE LA RUE ACQUIRES US
RETAIL SECTOR CASH SOLUTIONS BUSINESS
De La Rue, the cash to secure transactions Group, has today announced it has
agreed to acquire the entire share capital of ATS Money Systems, Inc. (ATS)
the US based provider of cash handling systems and software. The maximum
consideration to be paid for all outstanding shares of ATS common stock and
options will be approximately US$14 million, before an adjustment to reflect
expenses incurred by ATS in connection with the transaction and certain
indemnification obligations. The transaction is expected to complete in April
2001 subject to receiving all necessary regulatory and ATS shareholders'
approval.
ATS is a publicly traded company as a NASDAQ BB stock. The company based in
Englewood, New Jersey is engaged in the development, sales and service of
currency management systems for predominantly department and chain store cash
offices.
ATS's sales were US$ 14.0m in the year to 31 December 1999 and it recorded an
operating profit of US$ 2.23m before interest and tax. Net assets at 31
December 1999 were US$ 4.7m. On completion of the acquisition approximately 55
sales, service and research and development staff based at Englewood, will be
integrated into De La Rue Cash Systems division.
Cash Systems already has a nationwide sales and service presence in the USA
and has a strong presence in the banking sector with its range of Teller Cash
Dispenser (TCD) equipment. The integration of ATS strengthens De La Rue's
position in the retail sector and also provides it with a ready made software
platform for the US retail back-office sector with ATS's market leading CP4000
cash office system designed to simplify and speed up cash office functions.
De La Rue expects the acquisition to be earnings enhancing in the first year
of trading.
Commenting Pietro Armanini, managing director, Cash Systems division, said:
'De La Rue is well known for cash management systems in the banking industry
but increasingly organisations in the retailing, vending, travel and gaming
markets are seeing the benefits of lower costs, higher service and improved
security, whilst still meeting the consumer's preference for cash based
transactions. Through the acquisition of ATS, De La Rue can now provide a
complete hardware, software, integration and support solution to these
markets.
We also welcome the ATS team who will add sector-specific knowledge and
considerable technical solutions expertise to our existing operations as we
develop in-store cash solutions.'
-ends-
For further information please contact:
De La Rue plc
Paul Hollingworth Finance Director +44 (0)1256 605307
Mark Fearon Head of Corporate Affairs +44 (0)1256 605303
Stephen Breslin Brunswick +44 (0)207 404 5959
2 March 2001
Editors Notes:
1. De La Rue is the world's largest commercial security printer and paper
maker, involved in the production of over 150 national currencies and a
wide range of security documents such as stamps and vouchers as well as
brand protection. The company is also a leading provider of cash handling
equipment and solutions to banks and retailers as well as a range of
identity systems to governments worldwide. De La Rue also acts as a
strategic partner and adviser to customers offering them total solutions in
areas of activity that capitalise on De La Rue's reputation for security,
integrity and trust.
2. ATS Money Systems, Inc. (ticker symbol - ATSM) is engaged in the
development, sale and service of currency counting systems and equipment
for department and chain stores' cash offices and bank commercial vaults,
and of specialized information communications systems primarily used by
chain stores. The customers of ATS are businesses that handle a large
number of cash, cheque and credit transactions on a daily basis, such as
banks, department stores and chain stores.
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