Expanding Technical Expertise in the Aerospace Industry
ELKRIDGE, Md.--(BUSINESS WIRE)-- 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.
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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
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of new information, future events, or otherwise.
