In Case You Were Wondering How Diebold Could Get Any Worse…

1 comment March 3rd, 2008at 07:31am Posted by Eli

A defense contractor is trying to buy them:

The United Technologies Corporation made public on Sunday an unsolicited $3 billion bid for Diebold, one of the largest makers of automated teller machines and voting machines.

United Technologies, which first approached Diebold two years ago, initially made the offer in private on Friday. The bid amounts to $40 a share in cash, or a 66 percent premium over Diebold’s closing price on Friday of $24.12, United Technologies said.

(…)

Founded in 1859, Diebold grew as a provider of security technology for financial systems. But Diebold was thrust into the spotlight in the 2004 election, when it was criticized over flawed electronic voting machines in Ohio and elsewhere.

The company has struggled recently with a variety of problems, both internal and external. In January, Diebold said it would restate its financial reports from 2003 through the first quarter of 2007 because of changes to its accounting methods.

Diebold previously disclosed that both the Securities and Exchange Commission and the Justice Department had made inquiries into the way it recognized certain kinds of revenue.

The global credit crisis that has stung financial services companies has affected Diebold as well. It said last week that it would cut about 5 percent of its work force, or 800 jobs, in anticipation of slowing demand for A.T.M.s.

Diebold also said it expected slower growth in its voting-machines business. It reported $61 million in revenue from those operations in 2007, compared with $195 million in 2006.

United Technologies, based in Hartford, has 225,600 employees spread across businesses like the plane engine manufacturer Pratt & Whitney, the helicopter maker Sikorsky and the elevator company Otis. The company has a market value of $69 billion.

I’m sure a defense contractor wouldn’t have any kind of vested interest in seeing Republicans maintain control our government for, oh, forever. Hey, wouldn’t it be funny if election reform made Diebold voting machines illegal?

Entry Filed under: Corruption/Cronyism,Elections,Politics,Republicans,Technology

1 Comment

  • 1. American Street » B&hellip  |  March 5th, 2008 at 1:16 pm

    […] Eli of Multi Medium, The New York Times: The United Technologies Corporation made public on Sunday an unsolicited $3 […]


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