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Diebold is shutting down its pension plan and offering voluntary early retirement to about 1,200 eligible U.S.-based employees. The company closed its pension plan to new hires July 1, 2003, but as part of additional cost-cutting measures, has decided to freeze the plan for the people who enrolled before that.

Diebold Inc., headquartered in Canton, Ohio, provides security systems and related services. The company saw its revenue drop by 4.9 percent in the second quarter to $707.1 million. It recorded a second quarter net loss of $98.6 million or $1.55 per share.

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