NCR Enters into Consent Decree to Resolve Claims and Assume Certain Remediation Work in Kalamazoo River Environmental Matter
United States Government and State of Michigan Support Decree Relating to Cleanup Efforts
ATLANTA – December 11, 2019 – NCR Corporation (NYSE: NCR) is pleased to announce the resolution of the Michigan Kalamazoo River environmental cleanup and related Superfund litigation by entering in to a definitive consent decree with the United States Government and the State of Michigan, under which the company expects to conclude the longstanding matter. The decree is subject to court approval.
Upon approval by the court, the decree will bring to an end a set of complex litigations that commenced in 2010. In particular the settlement will provide contribution protection to NCR that will foreclose Superfund litigation claims brought against it by the other companies that themselves had contributed to the pollution of the river. Those other companies will bear sole and/or primary responsibility for aspects of the remediation work not being assumed by NCR.
The cleanup work is expected to be performed over the next 20 years. NCR will seek significant contribution from NCR’s indemnitors as it has in the past for other projects.
The resolution includes NCR’s commitment to undertake or fund clean-up of certain parts of the river that were contaminated with PCBs in the 1950s through the 1970s, primarily from so-called carbonless copy paper (CCP) “broke” or remnants. NCR never had a facility on the river and did not dispose of PCB-containing products into it, and ceased use of PCBs in 1971, several years before the Government banned the product.
NCR is happy to have this matter resolved (upon approval) and to avoid the significant cost associated with the litigation of this matter.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leading software- and services-led enterprise provider in the financial, retail, hospitality, telecom and technology industries. NCR is headquartered in Atlanta, Ga., with 34,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries.
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Investor Contact
Michael Nelson
NCR Corporation
678-808-6995
michael.nelson@ncr.com
Media Contact
Scott Sykes
NCR Corporation
212-589-8428
scott.sykes@ncr.com
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
michael.nelson@ncr.com
Scott Sykes
NCR Corporation
scott.sykes@ncr.com