NCR Announces Court Approval of Fox River Consent Decree
DULUTH, Ga.—August 24, 2017— NCR Corporation (NYSE: NCR) today announced Court approval of the consent decree settlement it entered into in January 2017 with the United States Government and the State of Wisconsin to effectively resolve the Wisconsin Fox River environmental cleanup and related Superfund litigation.
"Approval of this settlement should help bring to a conclusion this longstanding matter relating to cleanup efforts that NCR began many years ago," said Edward Gallagher, General Counsel of NCR Corporation. "We are gratified by the Court’s decision to approve the settlement and the allocation of past and future responsibility it entails, and pleased that it will foster completion of the Fox River remediation."
The Court-approved consent decree includes NCR’s commitments to complete the in-river cleanup work and to drop a potential appeal. It also incorporates the limitation of Superfund claims brought against the Company by other parties and discontinuation of the Company’s own such claims, and it envisions assignments of responsibility to other companies for certain future tasks. The decision, by the U.S. District Court for the Eastern District of Wisconsin, is subject to potential appeal.
With the contributions of its former corporate parents and affiliates from the past several decades, NCR has successfully performed the majority of the cleanup work to date. NCR is the only company to have consistently been involved in that work from its start in 2009 to the present.
NCR will not make any settlement payments under the consent decree, but will fund the remediation through contractors and vendors on a pay-as-it-goes basis. The settlement is expected to have no material impact on NCR’s free cash flow or its Fox River reserve, which was adjusted to account for the settlement and reported on earlier this year in NCR’s Form 10-K for 2016.
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About NCR Corporation
NCR Corporation (NYSE: NCR) is a leader in omni-channel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware and portfolio of services, NCR enables nearly 700 million transactions daily across retail, financial, travel, hospitality, telecom and technology, and small business. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Ga., with over 30,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. All other trademarks or registered trademarks are property of their respective owners.
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NCR Corporation (NYSE: NCR) is a leader in transforming, connecting, and running technology platforms for self-directed banking, stores, and restaurants. NCR is headquartered in Atlanta, Georgia, with 35,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.
NCR VOYIX Corporation (NYSE: VYX) is a leading global provider of digital commerce solutions for the retail, restaurant and digital banking industries. NCR VOYIX transforms retail stores, restaurant systems and digital banking experiences with comprehensive, platform-led SaaS and services capabilities. NCR VOYIX is headquartered in Atlanta, Georgia, with approximately 16,000 employees in 35 countries across the globe.
This release contains forward-looking statements. Forward-looking statements use words such as “expect,” “anticipate,” “outlook,” “intend,” “plan,” “confident,” “believe,” “will,” “should,” “would,” “potential,” “positioning,” “proposed,” “planned,” “objective,” “likely,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to NCR’s or NCR VOYIX’s plans, goals, intentions, strategies, financial outlook, NCR’s or NCR VOYIX’s expectations regarding the Spin-Off, NCR’s or NCR VOYIX’s intention to consummate the offering and issue the Notes or the intended use of proceeds from the offering of the Notes and enter into the new senior secured credit facilities, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of the NCR’s and NCR VOYIX’s control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements. Additional information concerning these and other factors can be found in NCR and NCR VOYIX’s filings with the U.S. Securities and Exchange Commission, including NCR’s most recent annual report on Form 10-K, most recent quarterly report on Form 10-Q and current reports on Form 8-K and NCR VOYIX’s registration statement on Form 10, most recent quarterly report on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. Neither NCR nor NCR VOYIX undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Michael Nelson
NCR Corporation
678-808-6995
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Scott Sykes
NCR Corporation
scott.sykes@ncr.com