NCR Corporation Announces Initial Filing of Teradata’s Form 10 With the Securities and Exchange Commission
DAYTON, Ohio - NCR Corporation (NYSE: NCR) today announced that Teradata has filed an initial registration statement on Form 10 with the U.S. Securities and Exchange Commission (SEC). This filing is part of the process necessary to complete the spin off of the Teradata Data Warehousing business to NCR stockholders. Subject to review by the SEC, the receipt of a ruling from the Internal Revenue Service (IRS) and final approval by NCR’s board of directors, the spin off is expected to occur in the third calendar quarter of 2007.
The name of the new independent company created through this strategic separation will be Teradata Corporation and it will own the assets and liabilities associated with the Teradata Data Warehousing business. Teradata Corporation will apply to have its common stock listed on the New York Stock Exchange under the symbol “TDC.”
Dayton is expected to be the headquarters of Teradata Corporation, with management of the business continuing through three main locations in the United States: Atlanta, Ga.; Rancho Bernardo, Calif.; and Dayton. Mike Koehler, currently senior vice president of NCR’s Teradata Data Warehousing Division, will lead the Teradata Corporation as its chief executive officer, as previously announced.
NCR stockholders as of the record date of the distribution will receive one share of Teradata Corporation common stock for each share of NCR common stock they own.
NCR President and Chief Executive Officer Bill Nuti said, “Filing the Form 10 with the SEC is an important milestone in the company’s preparation for the planned spin off of Teradata. I am pleased with our progress and believe we are on track to complete the strategic separation in the third quarter of 2007, providing new opportunities for the shareholders, customers, partners and employees of each company.”
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