Elkridge, MD, September 16, 2009 – GP Strategies Corporation (NYSE: GPX), the parent of global performance improvement solutions provider General Physics Corporation (GP), announced that on September 4, 2009 its wholly owned subsidiary General Physics (UK) Ltd acquired certain operating assets and the business of Milsom Industrial Designs Limited, a provider of technical documentation, technical publications, technical recruiting and engineering design services. The annualized revenue exceeded $10 million in their latest fiscal year. GP utilized cash-on-hand to fund the acquisition and anticipates that the acquired business will be accretive to earnings-per-share.
Milsom provides extensive technical services for aerospace and engineering companies. It combines over twenty years experience with a customer-focused approach to outsourced solutions which have ensured prime supplier status with UK customers.
Scott Greenberg, Chief Executive Officer of GP, stated, “As part of our strategy for growing globally, we continue to pursue selective acquisitions of businesses that broaden our service and product offerings, deepen our capabilities, diversify our client mix and allow us to enter new and expand within existing markets. We believe that Milsom bolsters our ability to deliver technical services and technical training services in Europe through its technical documentation and engineering design services capabilities, particularly in the aerospace sector. This acquisition will enable us to better support our current UK and multinational clients and more easily demonstrate our expanding geographic reach.”
To learn more about Milsom visit: http://www.milsom.uk.com/design/home.htm.
About GP
GP is the principal operating subsidiary of GP Strategies Corporation (NYSE: GPX). GP is a global performance improvement solutions provider of sales and technical training, e-Learning solutions, management consulting and engineering services. GP’s solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at http://www.gpworldwide.com.
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as “expect,” “intend,” “believe,” “may,” “will,” “should,” “could,” “anticipates,” and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Scott N. Greenberg
Chief Executive Officer
(410) 379-3640
Sharon Esposito-Mayer
Chief Financial Officer
(410) 379-3636
Jamie Coffey
Director, Communications
(443) 255-3400