Printer Friendly

BDM HOLDINGS, INC. ACQUIRES VINNELL CORPORATION

 BDM HOLDINGS, INC. ACQUIRES VINNELL CORPORATION
 MCLEAN, Va., March 13 /PRNewswire/ -- BDM Holdings, Inc. parent


company of BDM International, Inc., has acquired Vinnell Corporation, it was announced today jointly by BDM Holdings Board Chairman Frank C. Carlucci and Vinnell President and CEO William J. Klauberg. Terms of the acquisition agreement were not disclosed.
 Vinnell, which will operate as a wholly-owned subsidiary of BDM Holdings, is a $100 million (annual revenue) professional and technical services company with extensive operations abroad, principally in the Middle East.
 Founded in 1931, Vinnell was originally a general contractor and won early renown as a major contributor to the construction of the Grand Coulee Dam and Dodger Stadium (Los Angeles). Today, as a services firm specializing in personnel training and operations and maintenance, the company, while best known overseas, also performs significant contracts in the United States. These include the operation, maintenance and support of U.S. Department of Labor Job Corps Centers in Texas, New Mexico, Florida and Minnesota; assistance to the U.S. Army Test and Evaluation Command (Dugway, Utah); and support for the operations and maintenance of military facilities in California and Georgia. Vinnell also provides training related to the Bradley Fighting Vehicle and supports the mission of the U.S. Army Materiel Systems Analysis Activity in the Far East and Europe.
 BDM Holdings President and CEO Earle C. Williams said, "Vinnell is an organization with an outstanding record of getting things done, operating in areas of great potential which are outside the program areas of BDM International but complementary to them."
 "We are very pleased with this agreement," Klauberg said. "We have the greatest respect for the BDM organization and look forward to a mutually successful association." Klauberg will report to the BDM Holdings president and CEO, but Vinnell will operate with autonomy and will have a separate board of directors.
 Williams emphasized that Vinnell and BDM International will operate as "sister companies," with no planned integration of organizations, structures or operations. "Vinnell's management and staff strength is one of the key reasons we acquired the company, and we have no intention of compromising or interfering with the essence and substance of that strength," he said. He did, however, foresee initiatives where each company could effectively help in marketing the services of the other.
 Michael J. Mruz, chief financial officer of BDM Holdings, explained, "The acquisition is part of a continuing effort to develop international business and to broaden our involvement in U.S. government defense and non-defense activities." He noted, "The acquisition will add substantial sales volume with commensurate earnings for BDM Holdings." Mruz also added, "We except Vinnell's cash flow will easily support the financing of the acquisition." Vinnell's sales and earnings figures will be consolidated with those of BDM International and other potential subsidiaries of BDM Holdings.
 The Carlyle Group, L.P., was BDM's financial adviser in the transaction, Mruz noted. Carlyle led the investor group (which included senior BDM management) that acquired BDM International, then a subsidiary of Ford Aerospace Corporation, in October 1990 at the time other elements of Ford Aerospace were sold to Loral Corporation.
 Vinnell Corporation has been predominately associated with training and with operations and maintenance. BDM International performs a broader range of professional and technical services including research and analysis, systems engineering and integration, and other services heavily oriented to the application of advanced technology to the solution of client problems and the modernization of their operations. BDM International has annual revenue of approximately $300 million, with 2,650 employees at some 50 locations in the United States and abroad. Vinnell has approximately 1,700 employees.
 -0- 3/13/92
 /CONTACT: Todd A. Stottlemyer of BDM Holdings, 703-848-5115/ CO: BDM Holdings, Inc.; BDM International, Inc.; Vinnell Corporation ST: Virginia IN: SU: TNM


DC-MH -- DC005 -- 7723 03/13/92 10:21 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 13, 1992
Words:638
Previous Article:ATLANTA CANCER VICTIM WINS BATTLE AGAINST INSURANCE COMPANY ON COST OF MARROW TRANSPLANT
Next Article:NFS FINANCIAL SETS DATE FOR ANNUAL MEETING


Related Articles
BDM NET INCOME, EPS DOUBLE IN FIRST QUARTER
BDM ANTICIPATES STRONG YEAR MARKED BY CONTINUED DIVERSIFICATION; 14 DIRECTORS ELECTED AT ANNUAL SHAREHOLDERS' MEETING
BDM DOUBLES ITS NET INCOME, EPS ON STRONG REVENUE GROWTH IN FIRST HALF, SECOND QUARTER
BDM ESTABLISHES NEW ORGANIZATIONAL STRUCTURE, OBJECTIVES: CREATES DIVERSIFIED COMMERCIAL SUBSIDIARY AND DECENTRALIZED FEDERAL GROUP
BDM ANNOUNCES SIGNIFICANT INCREASES IN REVENUE, EARNINGS FOR 1992
BDM FEDERAL AWARDED $46 MILLION CONTRACT TO SUPPORT ROYAL SAUDI AIR FORCE
VINNELL SELECTED FOR AWARD OF $163.3 MILLION CONTRACT FOR SAUDI ARABIAN NATIONAL GUARD MODERNIZATION PROGRAM
VINNELL WINS CONTRACT TO MANAGE DETROIT JOB CORPS CENTER
VINNELL AND TECOM WIN U.S. ARMY BASE INSTALLATION SUPPORT CONTRACT AT FORT MONMOUTH
Vinnell Wins Contract to Manage Flint, Michigan, Job Corps Center

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters