Ricardo PLC Acquisition (8163M)
August 02 2017 - 2:00AM
UK Regulatory
TIDMRCDO
RNS Number : 8163M
Ricardo PLC
02 August 2017
2 August 2016
RICARDO PLC
("Ricardo" or the "Group")
RICARDO EXPANDS US DEFENCE BUSINESS WITH ACQUISITION OF CONTROL
POINT CORPORATION
Ricardo plc ("Ricardo"), a global engineering and strategic,
technical and environmental consultancy business, today announces
that it has signed a share purchase agreement to acquire the US
based full-service engineering firm Control Point Corporation
("CPC"), comprising of the business, operating assets and employees
engaged in the business of CPC which will then become part of
Ricardo's US subsidiary, Ricardo Defense Systems LLC ("RDS").
The acquisition of CPC is central to the growth of Ricardo's
defence business, significantly expanding the range of
opportunities that can be pursued within the US defence sector. New
capabilities available through this acquisition include expanded
vehicle engineering capabilities, expertise in distributed
software-based systems and fleet management technologies, in
addition to expertise in energy and resource management. Founded in
1995, CPC has offices located in Michigan, California, Maryland and
Alabama.
The acquisition, which is subject to regulatory approvals,
including that of the Committee on Foreign Investment in the United
States, is expected to be completed by 1 September 2017. The total
cash consideration is $10.2 million, subject to any adjustment to
reflect normalised levels of working capital, the achievement of
certain financial performance targets and the retention of specific
individuals.
Commenting on the acquisition, Dave Shemmans, CEO of Ricardo plc
said;
"I'm delighted to be able to announce today's acquisition of
Control Point Corporation. CPC has developed a reputation in the
market for skilled engineering solutions over the past 20 years and
their expertise is highly complementary to Ricardo's defence
vehicle engineering programmes.
"This acquisition will allow the enlarged Ricardo Defense
Systems business to compete across new segments of the market and
will also serve our customers with an expanding portfolio of
services and solutions. I look forward to welcoming CPC's employees
to the global Ricardo team."
-ENDS-
Further enquiries:
Ricardo plc Tel: 01273 455611
Dave Shemmans, Chief Executive Officer Website: www.ricardo.com
Ian Gibson, Chief Financial Officer
Newgate Communications Tel: 020 7680 6550
Adam Lloyd / Zoë Pocock / Ed Treadwell ricardo@newgatecomms.com
NOTES TO EDITORS:
Ricardo plc is a global, world-class, multi-industry consultancy
for engineering, technology, project innovation and strategy. Our
people are committed to providing outstanding value through quality
engineering solutions focused on high efficiency, low emission,
class-leading product innovation and robust strategic
implementation. With a century of delivering excellence and value
through technology, our client list includes the world's major
transportation original equipment manufacturers, supply chain
organizations, energy companies, financial institutions and
governments. Guided by our corporate values of respect, integrity,
innovation and passion, we enable our customers to achieve
sustainable growth and commercial success. Ricardo is listed in the
FTSE4Good Index, which identifies global companies that demonstrate
strong environmental, social and governance (ESG) practices.
Ricardo, Inc. is the US subsidiary of Ricardo plc. For more
information, visit www.ricardo.com.
Ricardo Defense Systems LLC is a Ricardo subsidiary structured
under a Special Security Agreement, facilitating opportunities for
collaboration with US manufacturers and government agencies on
defence related vehicle technology development and engineering
projects. Ricardo Defense Systems (RDS) is located within its own
facility at Ricardo, Inc.'s Detroit Technology Campus in Van Buren
Township, Michigan.
Control Point Corporation is a full-service engineering firm
specializing in the design and integration of complex systems for
government and commercial customers who require innovative
technology and dependable performance. CPC develops highly
reliable, integrated software-based systems for defence, aerospace,
transportation, logistics, power, and energy. Offerings include
engineering services and complete system designs that meet even the
most exacting customer needs. As a result, CPC has earned a
reputation for creating industry-leading solutions built on highly
reliable, integrated systems tailored to the precise specifications
of our customers. For more information, visit
www.control-pt.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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