Ricardo PLC Sale of Chicago Technical Faclility (6130G)
March 05 2018 - 2:00AM
UK Regulatory
TIDMRCDO
RNS Number : 6130G
Ricardo PLC
05 March 2018
5 March 2018
RICARDO PLC
("Ricardo" or the "Group")
RICARDO SELLS CHICAGO TECHNICAL FACILITY TO POWER SOLUTIONS
INTERNATIONAL
Ricardo plc is a global engineering, technical, environmental
and strategic consultancy business, which also manufactures and
assembles niche, high-quality and high-performance products.
Ricardo today announces that it has signed an asset purchase
agreement to sell its Chicago technical facility to Power Solutions
International ("PSI"), a US manufacturer of engines and power
systems, for a consideration of $ 5.5m. The transaction is expected
to close on 2 April 2018.
Ricardo will relocate Ricardo's heavy-duty test operations to
its existing facilities in Detroit. In addition to the asset
purchase agreement, Ricardo and PSI have also entered into a
strategic technology relationship whereby Ricardo's expertise in
advanced engine development and concepts, and in electrification,
hybrid and autonomous vehicle controls, will support PSI's
expansion into these new areas.
The sale of the test engineering and development facilities
located at Burr Ridge, Chicago, reflects Ricardo's strategy to
reshape its asset base and ensure the business is more agile,
efficient and more closely aligned with the changing patterns of
customer demand. The company is continuing to invest in upgrading
the test beds at its Detroit technical centre, enabling Ricardo to
consolidate all powertrain testing operations at this site, while
assuring its heavy-duty sector customers of increased capacity for
ongoing engine (40 CFR Part 1065) and in-use vehicle (OBD) testing.
Ricardo will also continue to provide expertise and innovative
solutions to its customers across the United States from its
recently expanded technical facility in Santa Clara, California, as
well as its established presence in Michigan.
Commenting on the disposal, Dave Shemmans, Chief Executive
officer, said:
"The sale of the Chicago technical facility and the refocusing
of test operations at our Detroit technical centre is an important
step which will help to increase our operational efficiency. This
will help us to better serve the emerging requirements of our
customers in North America, across all market sectors, as well as
in the increasingly important development of electrified vehicle
solutions."
-ENDS-
Further enquiries:
Ricardo plc Tel: 01273 455611
Dave Shemmans, Chief Executive Officer Website: www.ricardo.com
Ian Gibson, Chief Financial Officer
Newgate Communications Tel: 020 7680 6550
Adam Lloyd / Zoë Sibree / Ed Treadwell ricardo@newgatecomms.com
NOTES TO EDITORS:
Ricardo plc is a global, world-class, multi-industry consultancy
for engineering, technology, project innovation and strategy. Our
people are committed to providing outstanding value through quality
engineering solutions focused on high efficiency, low emission,
class-leading product innovation and robust strategic
implementation. With a century of delivering excellence and value
through technology, our client list includes the world's major
transportation original equipment manufacturers, supply chain
organizations, energy companies, financial institutions and
governments. Guided by our corporate values of respect, integrity,
innovation and passion, we enable our customers to achieve
sustainable growth and commercial success. Ricardo is listed in the
FTSE4Good Index, which identifies global companies that demonstrate
strong environmental, social and governance (ESG) practices.
Ricardo, Inc. is the US subsidiary of Ricardo plc. For more
information, visit www.ricardo.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
DISBCGDXDXGBGIS
(END) Dow Jones Newswires
March 05, 2018 02:00 ET (07:00 GMT)
Ricardo (LSE:RCDO)
Historical Stock Chart
From Apr 2024 to May 2024
Ricardo (LSE:RCDO)
Historical Stock Chart
From May 2023 to May 2024