In an effort to broaden its services to financial customers in Brazil, NCR Corporation has penned an agreement to buy the minority interest in NCR Manaus, the company's Brazilian manufacturing and engineering entity owned by Banco Bradesco, according to a company press release.
Financial details of the deal were not disclosed, but NCR will continue to work with Bradesco to provide ATM solutions.
"We are pleased to continue our partnership with our valued customer Banco Bradesco," NCR President and CEO Michael D. Hayford said in the release. "At the same time, we look forward to applying our manufacturing and engineering operations in Manaus to more broadly serve our financial customers in Brazil and build on our 83 years of experience in the country."
The buyout complements NCR 's efforts to strengthen its footprint in Brazil. It opened its manufacturing facility in 2009, in Manaus in response to the need for local sourcing and to better serve its customers in Brazil.
"Other than the change of equity ownership that occurs with this transaction, we do not anticipate there will be any other significant changes in the way we continue to work together going forward," said Mauricio Minas, board member of Bradesco.
In the past two decades, NCR has acquired more than 20 companies.
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