Product category:
Process Control and Monitoring Systems
News Release from: Wonderware United Kingdom
Edited by the Processingtalk Editorial
Team on 05 June 2003
Invensys sells Baan for USD135 million
Invensys plc announces that it has agreed to sell its Baan subsidiary to an investment group, Cerberus Capital Management, and General Atlantic Partners, for a cash consideration of USD135M
The sale proceeds will be used by Invensys to pay off debt Baan is a leading global supplier of industry-defining enterprise application solutions and services to discrete manufacturers in the industrial machinery and equipment, electronics, automotive, and aerospace and defence industries
This article was originally published on Processingtalk on 14 Mar 2003 at 8.00am (UK)
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For the twelve months ended 31 March, 2003, the business generated revenues of USD265M and an operating loss of USD32M.
Net assets, including capitalised goodwill, are approximately USD120M.
The sale of Baan is consistent with the Invensys previously stated objectives to divest non-core assets as part of its overall plan to improve capital strength and increase strategic focus.
The transaction is subject to customary regulatory approvals and is expected to complete by the end of June 2003.
Rick Haythornthwaite, CEO of Invensys, said: "With the sale of Baan, we have made a rapid and positive start to our disposal programme.
At the same time, we have also been mindful of our responsibilities to Baan customers, employees and partners and I am confident that they will be well served under the new stewardship.".
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