Product category:
Manufacturing Information Technology systems
News Release from: Invensys
Edited by the Manufacturingtalk Editorial
Team on 06 June 2003
Baan sold for US$135m
Invensys has agreed to sell its Baan subsidiary to an investment group consisting of Cerberus Capital Management and General Atlantic Partners for a cash consideration of US$135m.
Invensys has agreed to sell its Baan subsidiary to an investment group consisting of Cerberus Capital Management and General Atlantic Partners for a cash consideration of US$135m The sale proceeds will be used by Invensys to pay down debt
This article was originally published on Manufacturingtalk on 2 Dec 2002 at 8.00am (UK)
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Two activities have been combined into one business unit to focus on the design and development of industrial process simulation software and training simulators.
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.
For the twelve months ended 31 March, 2003, the business generated revenues of US$265m and an operating loss of US$32m.
Net assets, including capitalised goodwill, are approximately US$120m.
The sale of Baan is consistent with 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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