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carpe-diem 18 november 2002 18:30

Logica acquires Great Lakes Technologies Group in US$21.5 million deal strengthening automotive capability 15 November 2002 Logica announced today the acquisition of Great Lakes Technologies Group (GLTG), a leading automotive IT solutions company, based in Michigan for a maximum consideration of US$ 21.5 million (approximately £ 13.8 million) to be satisfied from existing cash reserves. Of this consideration up to US$ 2 million will be payable after 12 months subject to certain objectives being achieved. GLTG business is focussed on the automotive sector and provides development, project management, project outsourcing and staffing services. Employing around 220 people, the company reported revenues of US$ 32.6 million with a pre-tax operating profit of US$ 2.4 million after certain non-recurring costs for the financial year ended 31 December 2001. The acquisition is expected to be earnings accretive* in Logica’s current financial year before goodwill amortisation. The GLTG operation, whose major clients include Ford, General Motors and DaimlerChrysler, will be integrated with Logica’s existing team to form the heart of the industry, distribution and transport division for Logica within North America. The new unit will also support the company’s global automotive IT capability and strengthen its overall portfolio of services. The addition of GLTG to the Logica portfolio will enhance Logica’s capability within automotive companies and their tier-one suppliers. It will also add significantly to Logica’s overall staff numbers in the US. Commenting on the development Mike Meyer, chief executive of Logica in the Americas said, “This is an excellent move for Logica. It will give us critical mass in the US automotive market and will increase our ability to provide an all-embracing service to our clients. We believe that the combination of GLTG’s expertise and experience with Logica’s global network will create a significant new force in the US automotive IT market.” Sandy Moore, president of GLTG added, “ This is an important step in our development. For our clients, they will get access to new repeatable solutions available on a global basis. Our staff will benefit from the additional opportunities available from operating within a world-class global organisation.” * Pre-exceptional items and goodwill. The statement that the transaction is expected to be earnings enhancing for Logica should not be interpreted to mean that the earnings per share in the financial year following the transaction, or in any subsequent period, will necessarily be greater than those for the relevant preceding financial period.

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Logica acquires Great Lakes Technologies Group in US$21.5 million deal

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