AspenTech Acquires Process Control Division of Cambridge Control Adds Key Controls Experts in Europe.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 8, 1996-- Aspen Technology Aspen Technology (NASDAQ: AZPN) provides software and professional services to the manufacturing and process industries which allows companies to model, manage, and control their operations. AspenTech was founded in 1981 by MIT professor Dr. , Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AZPN), a leading, supplier of computer-aided chemical engineering, on-line automation, and process information management software and services to the process manufacturing The manufacturing industry that uses process control systems. See process control. industries, today announced it has completed the acquisition of the process control division of Cambridge Control Limited located in Cambridge, UK. The acquisition of Cambridge Control's process control division adds critical advanced process control execution capability in Europe. Cambridge Control is a consulting and systems integration company. Its process control division specializes in process manufacturing controls applications for the refining, petrochemical petrochemical, any one of a large group of chemicals derived from a component of petroleum or natural gas. The cracking processes for manufacturing gasoline produce vast quantities of gaseous hydrocarbons. and pulp and paper industries The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. . The process control division is responsible for delivering advanced process control solutions. The acquisition will be accounted for as a purchase transaction, with AspenTech acquiring the process control division for $1.9 million. "Excluding a one-time charge of $750,000 we do not expect this acquisition to be dilutive on the company's fiscal year 1997 earnings. Importantly, this combination enables our European operations to contribute more going forward," stated AspenTech executive vice president and chief financial officer Mary A. Palermo. "Cambridge Control's process control division will help us reach our stated goal of adding resources to meet identified needs and expand our project execution capability. The process control division provides us with experienced engineers familiar with the Company's Dynamic Matrix Control products, who will supplement our work in the refining and petrochemical industries and provide us with new applications in the pulp and paper industry. AspenTech's acquisition of the process control division furthers our commitment to leadership in providing complete solutions to bring customers to their true process manufacturing potential," stated AspenTech chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Lawrence B. Evans. In a separate release AspenTech also announced today the acquisition of B-JAC International, a leading supplier of detailed heat exchanger heat exchanger Any of several devices that transfer heat from a hot to a cold fluid. In many engineering applications, one fluid needs to be heated and another cooled, a requirement economically accomplished by a heat exchanger. modeling software. Cambridge Control Ltd. Information Cambridge Control Ltd. is a control systems company, established in 1983, which has developed technology and know-how in the European oil and petrochemical markets and in advanced control for the pulp and paper industry. The process control division of Cambridge Control Ltd. is comprised of eleven highly-experienced control engineers. The division has made significant advancements in multivariable control and real-time optimization technology in the pulp and paper, and power and steam industries. Cambridge Control has been a cooperative partner of AspenTech. Sales of the process control division for the nine months ended September 1996, were approximately $1.2 million. Experienced control engineering expertise is an aggressively sought-after skill set in process manufacturing, where controls typically make or break the process. The acquisition of Cambridge Control's process control division provides a solid underpinning un·der·pin·ning n. 1. Material or masonry used to support a structure, such as a wall. 2. A support or foundation. Often used in the plural. 3. Informal The human legs. Often used in the plural. for AspenTech's advanced control, process optimization Process optimization is the practice of making changes or adjustments to a process, to get results. Optimization is the use of specific techniques to determine the most cost effective and efficient solution to a problem or design for a process. , and manufacturing process information management products and services. About AspenTech Aspen Technology, Inc. is a leading supplier of software and services for the analysis, design and automation of process manufacturing plants in industries such as chemical, petroleum, pharmaceuticals, electric power, pulp and paper, and metals. Process manufacturers use AspenTech's solutions to improve the way they design, operate and manage their plants. These solutions enable customers to reduce their raw material, energy and capital expenses, meet environmental and safety regulations, improve product quality and shorten the time required to get new production processes on stream. Headquartered in Cambridge, MA, AspenTech employs more than 1,000 people with offices in 12 countries worldwide. Revenues for fiscal year 1996 increased 80 percent to $103.6 million, compared with $57.5 million in fiscal year 1995. -0- AspenTech, DMCC DMCC Dubai Multi Commodities Centre DMCC Data Management and Coordinating Center DMCC Data Management Coordinating Committee DMCC Diploma in the Medical Care of Catastrophes DMCC Division Movement Control Center DMCC Depot Maintenance Control Center and the AspenTech logo are USPTO USPTO abbr. United States Patent and Trademark Office registered trademarks of Aspen Technology, Inc. B-JAC is a trademark of Aspen Technology, Inc. All other marks are trademarks of their respective owners. CONTACT: Mary Palermo, CFO See Chief Financial Officer. Aspen Technology, Inc. (617)577-0310 mary.palermo@aspentech.com or Rick McKenna Harpell/Martins PR (508)371-1510 rmckenna@harpell.com |
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