CIMdata PLM Industry Summary Online Archive
28 May 2007
Company News
RAND Worldwide Completes Agreements to Sell Select European Operations
Rand A Technology Corporation ("RAND WorldwideT" or the "Company") announced that it has completed agreements to sell its wholly-owned subsidiaries in Finland and Denmark. Financial terms of the agreements have not been disclosed.
"We are pleased to announce the completion of these agreements," said Frank Baldesarra, President and CEO of Rand Worldwide . "We will be able to redeploy resources to further drive the growth and development of our parent company, while still maintaining a foothold in the European PLM market to preserve key relationships with our European employees and customers, as well as with our PLM partner, Dassault." The divestiture will significantly reduce the Company's operating expenses, resulting in annual cost savings of approximately $1.0 million. RAND will retain a presence in Europe by continuing to manage its remaining divisions.
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