BANCTEC AND THOMSON-CSF FINALIZE EUROPEAN JOINT VENTURE
BANCTEC AND THOMSON-CSF FINALIZE EUROPEAN JOINT VENTURE DALLAS, Jan. 15 /PRNewswire/ -- BancTec, Inc. (NASDAQ: BTEC),
Thomson-CSF, a French company, and Thomainfor S.A., a wholly owned subsidiary of Thomson have established a joint venture company, ScanData Holding N.V., to develop, market and service financial transaction processing systems and data capture solutions. ScanData has also received exclusive rights to market products provided by BancTec and Thomson-CSF to end-users and distributors in specified territories including continental Europe, Scandinavia and northern Africa.
BancTec has contributed to ScanData all of the outstanding shares of its wholly owned subsidiaries, BancTec GmbH, headquartered in Frankfurt and BankTec Nederland B.V. as well as other considerations, and Thomainfor has contributed all assets, liabilities and contracts of its Cyberbanque operations which are headquartered in Paris. BancTec and Thomainfor each will own 50 percent of ScanData. Grahame N. Clark Jr., chairman and chief executive officer of BancTec, commented: "One of our primary strategic objectives for Europe has been to establish a working relationship with a large and successful European-based company to better penetrate giro, check processing and payment processing markets. In combining the experience, product offerings and financial strength of BancTec, Thomson-CSF and Thomainfor, we foresee an excellent opportunity to increase competitiveness in an expanding European marketplace, especially in light of the movement towards a single European community and the new opportunities in Eastern Europe." Roger Chevrel, Thomson-CSF Information Technology Group director, added: "This association with the market leader will considerably reinforce our already well established position in France and enable us to expand into new European markets. It will also consolidate the strategic development of our information technology activities." BancTec, Inc. provides computerized systems for processing financial transactions, including checks, remittance advises, sales drafts and giro documents. BancTec designs, manufactures, markets and services products that employ optical character recognition, magnetic ink character recognition and image processing technologies to read, digitize, encode, sort and process financial documents. In addition, BancTec is a leading nationwide provider of third-party maintenance and technical support for local area networks. Thomson-CSF is a world leader in professional and defense electronics. Thomainfor is part of the Information Technology Group of Thomson-CSF and mainly operates in the third-party maintenance or TPM sector. Thomson-CSF also develops its activities in software (Syseca, Must Software International, Alsys) and in equipment for on-line systems. -0- 1/15/92 /CONTACT: Gary Robinson, vice president and chief financial officer of BancTec, 214-450-7713/ (BTEC) CO: BancTec, Inc.; Thomson-CSF ST: Texas IN: SU: JVN SM -- NY087 -- 0226 01/15/92 17:04 EST
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|Date:||Jan 15, 1992|
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