NCR VYX got out of hardware business and will now use Ennoconn for all their hardware. This leaves them with around $20 million in "stranded corporate costs", i.e., customer engineers who can't tell their a-s from their face.
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Ennoconn, a division of Foxconn, is the same company that bought NCR's Budapest factory when the company began exiting manufacturing. https://www.globenewswire.com/news-release/2021/12/12/2350343/0/en/Ennoconn-Announces-Definitive-Agreement-to-Acquire-NCR-Budapest-Manufacturing-Facility.html
With the sale of digital banking -- a business that management has repeatedly called "the crown jewel" -- it appears Voyix is preparing to sell the remainder of itself to a PE buyer. The problem, however, is that Voyix already has so much debt that a buyer can't load it up with any more. By retiring some of that debt with the proceeds from the sale of digital banking, the Voyix balance sheet will be in better shape for an acquisition.
Things don't look great for the company, however. Previous management -- the guys who broke out balloon and champagne when the stock dropped 25% after they announced the separation in Sept. 2022 -- dithered and the current crew is in way over their heads. Anyone left should leave soon.
Ennoconn has a field division?
Should have better design. Engineering and made in Taiwan.
What’s with the hate for CE’s? The real blame is the folks in Corporate who mismanaged the company. Remember the balloons and champagne? The brilliant upper management did a bang up job.
Yes until China takes over Taiwan. Then with every order over 10k you get 2 free egg rolls. 😎
https://www.globenewswire.com/news-release/2024/08/06/2924827/0/en/A-Win-Win-Strategic-Agreement-Announced-between-Ennoconn-as-Exclusive-Hardware-Provider-for-NCR-Voyix.html
From how I read it, Ennoconn Taiwan has taken over all the hardware manufacturing/supply chain logistics.
Another chunk is gone, with Digital banking gone, what remains will continue to be desolved.
So the Voyix CE's go to this Ennoconn? I am so confused.
Ain't it funny how no one could see this coming? The fire sale has begun, for all those left working at NCR enjoy the time left working for a company with no future.
Because outsourcing always has worked in every business model ever. /s