HIMEJI, Japan - Wednesday, February 15th 2012 [ME NewsWire]
(BUSINESS WIRE)-- GLORY LTD. ("GLORY", Hyogo, Japan) (TOKYO:6457) hereby announces that it has resolved to make a binding offer to acquire all of the outstanding shares of Talaris Topco Limitedheadquartered in Basingstoke, UK ("Talaris"), a provider of cash handling equipment and software solutions, which was approved at its Board of Directors' meeting held on February 14, 2012.
GLORY has been expanding its business as a provider of money handling machines, utilizing its core technologies of recognition/identification and mechatronics and the sales/maintenance service networks. Especially in recent years, GLORY has deployed its management resources to overseas business, which GLORY positions as a "growth business". Talaris was established through a management led buy-out in September 2008 of the Cash Systems Division of De La Rue, a UK company with over 200 years of history and a pioneer in the cash handling sector, who was first to launch the automatic cash dispensers used by bank tellers. Talaris and its 34 subsidiaries (together, "Taralis Group") is one of the leaders in the cash handling machines business covering the financial institutions, retail and other sectors. Talaris Group is a highly profitable enterprise providing a wide range of services. Completion of the acquisition will provide GLORY with the wider distribution and maintenance service networks, advanced solution capabilities, a broad customer base and skillful human resources and management teams of Talaris Group, and is envisaged to accelerate the growth of GLORY's overseas business. By combining GLORY's product development capabilities with Talaris' system solution expertise, improved services for money handling solutions can be provided to customers. The core members of Talaris management team are expected to continue to participate in the management of Talaris, after the completion of the acquisition, and also to contribute to the growth of GLORY Group's business. Completion of the acquisition is subject to acceptance of the offer by and the execution of share purchase agreement with the shareholders in Talaris, and the receipt of relevant regulatory approvals.
About GLORY LTD. GLORY LTD. (TOKYO: 6457), headquartered in Himeji, Japan, is a pioneer in the development and manufacture of money handling machines and systems. GLORY provides a variety of products built on its leading-edge recognition/identification and mechatronics technology, such as money handling machines, cash management systems, vending machines and automatic service equipment. Committed to meet society's wide-ranging needs, GLORY serves the financial, retail, vending machine, amusement and gaming industries in over 80 countries of world. GLORY employs more than 6,000 people worldwide. For more information about GLORY, please visit GLORY's global website at http://www.glory-global.com.
Contacts
GLORY LTD.
Masato Inuga, +81-79-294-6317
General Manager
Public/Investor Relations Dept
inuga@mail.glory.co.jp
http://www.glory-global.com
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