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Economy and Business

Diebold revises second quarter results
Loss goes from $98.6 million to $105 million due to Brazilian tax issue

Kabir Bhatia
In The Region:
Canton-based Diebold reported a second quarter loss of $98.6 million last week, but this week revised the figure to $105 million. The move comes after final figures came in related to a five-year-old tax-credit dispute with Brazilian the government. 
The troubled company is offering early retirement to 1,200 employees and freezing the pensions of 3,000 more.
CEO Andreas Mattes attributes the losses to a 7 percent drop in revenue compared to the same period last year, plus the Brazilian issues. 
There is no forecast of how many employees may opt for the Diebold early out plan. The pension freeze will not affect current retirees; nor will it be a factor for new and future hires because they are in 401(k) programs.
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