ADP signs agreement to acquire Sandy Corporation.ROSELAND, N.J.--(BUSINESS WIRE)--Aug. 22, 1995--Automatic Data Processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , Inc. has entered into an agreement to acquire Sandy Corporation, Josh S. Weston, chairman and chief executive officer, announced today. Each outstanding share of Sandy Corporation stock will be exchanged for $12 worth of ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. stock, subject to adjustment under certain circumstances. The transaction is valued at approximately $30 million. The transaction has been approved by the board of directors of both companies. Consummation of the transaction is subject to approval by the shareholders of Sandy Corporation. Sandy, a leading performance-improvement company, provides consulting, training and communication services to the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. both at the dealer and manufacturer levels. Sandy is headquartered in Troy, Michigan Troy is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit. As of the 2000 census, the city had a total population of 80,959, the 12th largest city in Michigan by population. and had revenues last year of over $40 million. Commenting on the acquisition, Weston said, "Sandy strengthens our ability to provide dealership clients with diagnostic and consulting solutions that increase their operating performances." ADP, with $3 billion in revenue and 350,000 clients, is one of the largest independent computing services firms in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: Arthur Schmidt & Associates 212/953-5555 |
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