COLUMBIA, Md., May 10, 2021 /PRNewswire/ -- GP
Strategies Corporation (NYSE: GPX), a global provider of workforce
transformation solutions has reached an agreement with Toshiba
America Energy Systems Corporation ("TAES"), an affiliate of
Kawasaki, Japan-based Toshiba
Energy Systems & Solutions Corporation ("Toshiba ESS"), for
them to acquire its EtaPRO® business.
TAES will acquire the rights to the EtaPRO® name and brand as
well as the entirety of GP Strategies' interests in the EtaPRO®
software platform pursuant to an asset purchase agreement. The
purchase includes the EtaPRO® trademarks and intellectual property
rights, all customer contracts related to EtaPRO®, and all of its
related services such as maintenance and remote monitoring. Upon
closing, TAES will integrate EtaPRO® employees into its operations
and will continue operating existing EtaPRO® office locations.
As a long-time partner of GP Strategies, Toshiba ESS has been
deploying EtaPRO® technology to many of its power generation
customers. Toshiba ESS understands the value of EtaPRO® technology
and is eager to incorporate EtaPRO® into its global cyber-physical
systems and digital transformation strategy. "EtaPRO® is a perfect
complement to our product portfolio and we're thrilled to welcome
them to our team," said Takao
Konishi, Director and Senior Vice President at Toshiba ESS.
"By bringing Toshiba ESS and EtaPRO® together, we'll significantly
expand our suite of power generation services and digital solutions
to our clients worldwide."
"Joining with Toshiba will enable the EtaPRO® business to
innovate faster and more globally," said Richard DesJardins, GP Strategies Senior Vice
President and EtaPRO business leader. "This improves the
scalability and functionality of the EtaPRO® platform across both
traditional and renewable power generating technologies."
"This transaction reaffirms GP Strategies' commitment to
strategic deals that position all involved parties for future
success," said GP Strategies' CEO Adam
Stedham. "I am confident this deal will be very positive and
generate significant value for EtaPRO® employees and clients,
Toshiba and GP Strategies."
Toshiba Group is currently in Phase 2 of its strategic "Toshiba
Next Plan," which emphasizes strong growth through infrastructure
services. This acquisition will enable TAES and Toshiba ESS to
provide one-stop solutions with greater service efficiency to its
customers through the integration of digital technologies from the
EtaPRO® platform. This new offering will enhance Toshiba's current
servicing and maintenance solutions for turbines and equipment for
power generation.
Closing of the transaction is subject to customary closing
conditions, including a review by the Committee on Foreign
Investment in the United States
(CFIUS), and is anticipated to occur by the third quarter of
2021.
This news release contains forward-looking statements. The
forward-looking statements contained herein include, but are not
limited to, statements regarding the capabilities and expertise the
acquisition brings and the timing of completion of the
acquisition. These forward-looking statements involve risks
and uncertainties that could cause TAES' and GP Strategies' results
to differ materially from management's current expectations.
Forward-looking statements are based upon the beliefs and
assumptions of TAES' management and GP Strategies' management and
on currently available information. Neither TAES nor GP
Strategies undertakes any responsibility to publicly update or
revise any forward-looking statements.
About Toshiba America Energy Systems Corporation
Toshiba America Energy Systems Corporation (TAES), headquartered
in West Allis, Wisconsin, with a
large manufacturing and service shop, provides turbine/generator
equipment and services for the energy industry in the Americas,
including thermal, hydro and nuclear power plants. Part of the
Energy Systems & Solutions Company within Toshiba Corporation,
TAES is proud to provide high-quality, reliable and cost-effective
products and services that address current and future power
generation needs. For more information please visit
http://www.toshiba.com/taes.
About Toshiba Energy Systems & Solutions
Corporation
Toshiba Energy Systems & Solutions Corporation is a leading
supplier of integrated energy solutions. With its long experience
and expertise in wide range of power generating and transmitting
systems and energy management technology, the company delivers
innovative, reliable and efficient energy solutions across the
globe. Split off from Toshiba Corporation (TOKYO: 6502) in October
2017.
https://www.toshiba-energy.com/en/index.htm
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global workforce
transformation provider of organizational and technical performance
solutions. GP Strategies' 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, automotive, financial services, technology, aerospace
and defense industries, and other commercial and government
customers. Additional information can be found at
gpstrategies.com.
About EtaPRO
EtaPRO® is a real-time digital platform for improving the
efficiency and reliability of power generating assets through
empirical and physics-based digital twin technology combined with
traditional vibration frequency analysis for detecting and
diagnosing equipment deterioration or operating abnormalities in
their earliest stages. EtaPRO is adapted to customer-specific
requirements and is used by the global power industry on nearly 700
GW of generation in 40 countries, including thermal, geothermal,
hydro, wind, and solar generating technologies.
© 2021 GP Strategies Corporation. All rights reserved.
GP Strategies and GP Strategies with logo design are registered
trademarks of GP Strategies Corporation.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/gp-strategies-corporation-signs-asset-purchase-agreement-with-toshiba-america-energy-systems-corporation-to-sell-etapro-business-301288008.html
SOURCE GP Strategies Corporation