MSX International Completes Acquisition of Geometric Results, Inc. From Ford Motor Company
5 August 1997
MSX International Completes Acquisition of Geometric Results, Inc. From Ford Motor CompanyAUBURN HILLS, Mich., Aug. 5 -- MSX International has signed a definitive stock purchase agreement to acquire Geometric Results, Inc. from Ford Motor Company . The companies also signed long term supply agreements that will significantly enhance MSX International's role as a preferred supplier to Ford for a variety of essential staffing, business, and product development services. Terms were not disclosed. Completion of the transaction follows an announcement last April that MSX International and Ford had reached an agreement in principle to acquire selected businesses operated by the wholly-owned Ford subsidiary. MSX International will now manage Geometric Results' "PeopleNet" contract staffing service at Ford, its training services, an Intranet-based document management unit, a variety of value-added services to dealers, and other business services. Completion of various matters contemplated by the signing of the principal transaction agreements is imminent. The MSX International team now totals more than 10,000 staff and contract personnel under management at 50 facilities in 20 countries in North and South America, Europe, and the Pacific Rim. Annual revenues are approximately $1 billion. This includes results from all Geometric Results business units except its Power Products Division, which remains a unit of Ford. The purchase of Geometric Results extends MSX International's leadership as a source of professional, technical, and staffing solutions for industry. MSX International is positioning itself as a leading resource for companies as they focus on core activities. Together with MSX International's recognized product development expertise, the Company now offers an expanded portfolio of staffing, business, and product development services. "Our customers should benefit tremendously from the combination of the two organizations," said Ralph L. Miller, MSX International president and chief operating officer. "The Geometric Results organization adds complementary technology, processes and services that will make MSX International an even stronger business partner. Our goal is to support our customers in their non- core activities so they can focus efforts on their core competencies." "Our combined personnel resources, emphasis on technology innovation, and financial resources enable us to offer our current transportation customers a compelling suite of services. The transaction also gives MSX International the opportunity to expand beyond the transportation industry to new customers." MSX International has organized its current operations and the new Geometric Results resources into three key business segments: * In-Client Services -- combines MSX International's existing in-client contract staffing operations with Geometric Results' "PeopleNet" division to provide professional, business and technical contract labor services; * Business and Technology Services -- combines Geometric Result's other operations with MSX International's marketing and training businesses to provide project management expertise, managed training services, marketing services, printing and document management services, technical hotlines and customer support; and * Product Development Services -- comprises MSX International's existing product development operations, which provide transportation industry customers with product support from initial concept through the design stages, into engineering and prototyping, through design validation, and into vehicle production. We believe our employees, too, will enjoy exceptional new opportunities as a result of the combination," said Don Springer, former President of Geometric Results and now head of MSX International's new Business and Technology Services division. "Given its expanded breadth of service and geographic scope, MSX International is rapidly becoming a company which can offer a world of career development opportunities to its employees." Based in Auburn Hills, Michigan, MSX International was organized in late 1996 from the combination of two predecessor engineering and technical services companies. SOURCE MSX International