COLUMBIA, Md., May 10, 2021 / PRNewswire / – GP Strategies Corporation (NYSE: GPX), a global provider of workforce transformation solutions, has entered into an agreement with Toshiba America Energy Systems Corporation (“TAES”), a subsidiary of Kawasaki, JapanToshiba Energy Systems & Solutions Corporation (“Toshiba ESS”), based in Toshiba Energy Systems & Solutions Corporation, to acquire the EtaPRO® business.
(PRNewsfoto / GP Strategies Corporation)
TAES acquires the rights to the name and the brand EtaPRO® as well as the entire interests of GP Strategies in the EtaPRO® software platform according to a purchase agreement for assets. The purchase includes the EtaPRO® trademarks and intellectual property rights, all customer contracts related to EtaPRO® and all related services such as maintenance and remote monitoring. Upon completion, TAES will integrate EtaPRO® employees into its operations and continue to operate existing EtaPRO® office locations.
As a long-term partner of GP Strategies, Toshiba ESS has used EtaPRO® technology for many of its power generation customers. Toshiba ESS understands the value of EtaPRO® technology and is committed to incorporating EtaPRO® into its global strategy for cyber-physical systems and digital transformation. “EtaPRO® is a perfect addition to our product portfolio and we look forward to welcoming you to our team,” he said Takao Konishi, Director and Senior Vice President at Toshiba ESS. “By merging Toshiba ESS and EtaPRO®, we will significantly expand our range of power generation services and digital solutions for our customers worldwide.”
“Working with Toshiba will allow the EtaPRO® business to innovate faster and more globally,” he said Richard DesJardins, Senior Vice President of GP Strategies and EtaPRO Company Leader. “This improves the scalability and functionality of the EtaPRO® platform for both traditional and renewable power generation technologies.”
“This transaction confirms GP Strategies' commitment to strategic deals that position everyone involved for future success,” said the CEO of GP Strategies Adam Stedham. “I am confident that this deal will be very positive and generate significant value for the employees and customers of EtaPRO®, Toshiba and GP Strategies.”
Toshiba Group is currently in phase 2 of its strategic “Toshiba Next Plan”, which highlights strong growth through infrastructure services. This acquisition enables TAES and Toshiba ESS to offer their customers one-stop solutions with higher service efficiency 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 power generation equipment.
Completion of the Transaction is subject to customary closing conditions, including a review by the Foreign Investment Committee The United States (CFIUS) and is expected to occur in the third quarter of 2021.
This press release contains forward-looking statements. The forward-looking statements contained herein include, but are not limited to, statements regarding the skills and expertise that the acquisition will bring with it and as of the date of the acquisition. These forward-looking statements involve risks and uncertainties that could cause the results of TAES and GP Strategies to differ materially from management's current expectations. Forward-looking statements are based on the beliefs and assumptions of the TAES management and the management of GP Strategies as well as information currently available. Neither TAES nor GP Strategies accept responsibility for publicly updating or revising any forward-looking statements.
About Toshiba America Energy Systems Corporation
Toshiba America Energy Systems Corporation (TAES) headquartered in West Allis, Wisconsinprovides turbine / generator equipment and services to the Americas power industry, including thermal, hydro and nuclear power plants, with a large manufacturing and service business. Part of Energy Systems & Solutions within Toshiba Corporation, TAES prides itself on providing high quality, reliable, and affordable products and services that meet current and future power generation needs. Please visit http://www.toshiba.com/taes for more information.
About Toshiba Energy Systems & Solutions Corporation
Toshiba Energy Systems & Solutions Corporation is a leading provider of integrated energy solutions. With many years of experience and expertise in a wide range of power generation and transmission systems and energy management technologies, the company delivers innovative, reliable and efficient energy solutions worldwide. Spin-off from Toshiba Corporation (TOKYO: 6502) in October 2017.
About GP strategies
GP Strategies Corporation (NYSE: GPX) is a global provider of workforce conversion solutions for organizational and technical performance. GP Strategies' solutions improve the effectiveness of organizations by providing innovative and superior training, consulting and business improvement services tailored to the specific needs of their clients. Customers include Fortune 500 companies, automotive, financial services, technology, aerospace, defense, and other commercial and government customers. Please visit gpstrategies.com for more information.
EtaPRO® is a digital real-time platform for improving the efficiency and reliability of power generation systems through empirical and physics-based digital twin technology in combination with conventional vibration frequency analysis for the detection and diagnosis of equipment damage or malfunctions in the earliest stages. EtaPRO is tailored to customer requirements and is used by the global energy industry with generation of nearly 700 GW in 40 countries, including thermal, geothermal, hydro, wind and solar technologies.
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