CIMdata PLM Industry Summary Online Archive
15 February 2007
Financial News
Rand Worldwide Announces Agreement To Sell a Majority Interest in Select European Operations
RAND A Technology Corporation (" RAND WorldwideT" or the "Company") announced plans to sell a majority interest in certain of its European PLM operations to a European-based Private Consortium (the "Consortium").
Subject to closing of the proposed transaction, the Consortium will purchase a 60% interest in Rand Technologies Finland Oy (Finland), Axis S.A. (Belgium), Rand Worldwide Denmark Aps (Denmark) and Rand Technologies S.r.o. (Slovakia) (collectively referred to as the "Rand Subsidiaries"), with RAND Worldwide owning the remaining 40%. The Consortium will independently fund the Rand Subsidiaries going forward and will retain all profits until such time as the business has recaptured all funding losses invested in the Rand Subsidiaries post closing.
"This transaction serves both the strategic and operational interests of RAND," said Frank Baldesarra, President and CEO of RAND Worldwide. "Through our ownership position we retain the potential to participate in the ongoing growth of PLM deployments in these promising European markets. The structure also helps to ensure that we preserve key relationships with our European employees and customers, as well as with our strategic partner, Dassault. Furthermore, this transaction will help focus the investment, and enhance the operational performance, of our parent company."
The transaction, which is expected to close on or before March 31, 2007, is subject to customary closing conditions and approvals.
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