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A consolidation move by Axiohm Transaction Solutions (NASDAQ-AXHM) is bringing an additional 175 manufacturing jobs to Ithaca. "Axiohm's decision to invest in the Tompkins County facility and operations means continued growth in our manufacturing sector," says Michael Stamm, president of Tompkins County Area Development (TCAD). Consolidation is not the result of slow sales, but rather, it's a strategic move resulting from the corporate marriage of Axiohm SA, a privately held French company, and DH Technology, Inc., a publicly traded American corporation. The combination produces one the world's two largest, independent manufacturers of transaction printers, with deep roots in both the U.S. and France.
The combined companies expect to generate revenues in excess of $200 million in 1998, up from $153.8 million last year.
Technically, DH Technology acquired Axiohm and is the surviving corporation. But the two founders of Axiohm, S.A., Patrick Dupuy and Gilles Gibier, co-chair the new Axiohm board of directors. The surviving corporation is known as Axiohm, not DH Technology. And Nicolas Durassoff, previously a director of Axiohm S.A. and managing director...