Diebold Inc. contacted Wincor Nixdorf AG about a potential acquisition last week, according to a person familiar with the matter who asked not to be identified because the matter is confidential.

In a statement today, Wincor said staying independent is the "best course of action" and that it isn’t in negotiations over a merger or acquisition. Wincor is a German company that builds hardware and software for banks and retailers, including ATMs and cash registers. It competes with Diebold and NCR Corp. in the U.S.

A representative for Diebold, whose headquarters are near Canton, Ohio, declined to comment. The Frankfurter Allgemeine Zeitung reported June 9 that Diebold and Wincor have begun talks.

Wincor in April announced a restructuring program including 1,100 job cuts, after first-half sales fell 2% and earnings before interest, taxes and amortization declined 31% to 47 million euros. The company cited slowing sales of hardware and issues in Russia and China.

Wincor used to be owned by German engineering giant Siemens AG before it was sold to private-equity investors in 1999. It held an initial public offering in 2004 and currently operates in 130 countries with about 9,000 employees.

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