DULUTH, Ga.--(BUSINESS WIRE)--Oct. 1, 2014--
On September 30, 2014, NCR entered into a Funding Agreement with
Appvion, Inc. (f/k/a Appleton Papers, Inc.), Windward Prospects, Ltd.,
B.A.T. Industries, p.l.c., and BTI 2014 LLC (a subsidiary of B.A.T.)
with respect to the Fox River and certain future sites. Under the
Funding Agreement, NCR received an aggregate of $93,080,998.35 from BAT,
Windward and Appvion on September 30, 2014 towards Fox River Costs
incurred by NCR from April 2012 through October 1, 2014. These funds
will be used towards satisfying a receivable to NCR from Appvion under
the 1998 Confidential Settlement Agreement between NCR, B.A.T. and
Appvion. NCR and Appvion have agreed to instruct the American
Arbitration Association not to release the pending decision in the
arbitration between NCR and Appvion relating to disputes about Appvion’s
liability under the 1998 Confidential Settlement Agreement during the
term of the Funding Agreement, except as specifically provided in the
Funding Agreement.
Under the Funding Agreement, NCR will also receive fifty percent of Fox
River Costs (as defined in the Funding Agreement) paid or incurred after
October 1, 2014. The parties to the Funding Agreement have agreed, among
other things, to vigorously pursue reasonable and viable claims they may
have against third parties related to the Fox River and/or future sites
and to use recoveries as described in the Funding Agreement. Depending
upon, among other things, the amounts of such recoveries, NCR may also
receive additional payments (in excess of the fifty percent described
above) related to Fox River Costs incurred from April 2012 to the end of
site remediation at the Fox River under the Funding Agreement. In
addition, the parties have agreed that any surplus of recoveries from
third parties following the end of site remediation at the Fox River
will be used to fund sixty percent of NCR’s costs at certain future
sites (as defined in the Funding Agreement), if any.
The 1998 Confidential Settlement Agreement remains in effect.
NCR is pleased to have reached agreement with Appvion, Windward, B.A.T.
and BTI 2014 LLC. The Funding Agreement provides predictability as
between the parties with respect to the funding at the Fox River and
allows all of them to focus on maximizing recoveries from third parties.
NCR took a leadership position in cleaning up the Fox River and believes
that it has already done more than its fair share of the work. NCR has
consistently advocated that a reasonable remediation project shared in
by all responsible parties should be the goal of the regulatory
authorities. It is now time for others to participate in the cleanup and
to reimburse NCR for costs paid in excess of its divisible share. With
the recent rulings in the Seventh Circuit Court of Appeals in NCR’s
favor, NCR plans to vigorously pursue these goals.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction
technologies, turning everyday interactions with businesses into
exceptional experiences. With its software, hardware, and portfolio of
services, NCR enables more than 485 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, Georgia with approximately 29,000
employees and does business in 180 countries. NCR is a trademark of NCR
Corporation in the United States and other countries. The company
encourages investors to visit its web site which is updated regularly
with financial and other important information about NCR.
Web site: www.ncr.com,
www.ncrsilver.com
Twitter:
@NCRCorporation
Facebook:
www.facebook.com/ncrcorp
LinkedIn:
www.linkedin.com/company/ncr-corporation
YouTube:
www.youtube.com/user/ncrcorporation
Note to Investors - This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements use words such as “
“expect,” “believe,” “intend,” and “pursue” and other similar
expressions or future or conditional verbs such as “will,” “should,”
“may,” “would” and “could”. They include statements about NCR's
expectations with respect to reimbursement of past and future
remediation costs associated with certain environmental matters and the
impact of recent decisions in pending environmental litigation.
Forward-looking statements are based on management's current beliefs,
expectations and assumptions, and involve a number of known and unknown
risks and uncertainties, many of which are out of NCR's control.
Forward-looking statements are not guarantees of future performance, and
there are a number of factors, risks and uncertainties that could cause
actual outcomes and results to differ materially from the results
contemplated by such forward-looking statements. Factors that may cause
future results to differ include actions taken by other parties, the
regulators and the courts in response to the Seventh Circuit decisions
on September 25, 2014, other matters relating to environmental exposures
from our historical and ongoing manufacturing activities and other
factors detailed in the Company's 2013 Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission on February 27, 2014.
The Company does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Source: NCR Corporation
NCR Corporation
Investor Contact:
Tracy H. Krumme,
212-589-8569
tracy.krumme@ncr.com
or
Media
Contact:
Kevin Ruane, 212-589-8553
kevin.ruane@ncr.com