Boeing to Acquire Tapestry Solutions to Enhance Its Growing Global Services & Support Business
ST. LOUIS, Sept. 26 /PRNewswire-FirstCall/ -- The Boeing Company (NYSE: BA) today announced an agreement to acquire Tapestry Solutions, a San Diego-based company specializing in services and software systems that improve the tracking and distribution of equipment, spare parts and personnel for the U.S. Department of Defense and other government and non-government agencies.
Tapestry Solutions' tools, such as the Joint Distribution Logistics Model and Battle Command Support Sustainment System, are U.S. Army standards that increase asset visibility, optimize distribution and enable dynamic logistics planning.
Boeing Integrated Defense Systems (IDS) President and CEO Jim Albaugh said the acquisition should accelerate the growth of the company's service and support business.
"Boeing has a great opportunity to address an expanding market where we can bring together our proven large-scale integration capabilities with Tapestry Solutions' unique logistics management, decision support systems, and cutting-edge modeling and simulation technologies," Albaugh said. "It's all about meeting our customers' enduring needs for heightened readiness and supply-chain situational awareness."
Dennis Muilenburg, president of IDS Global Services & Support, added, "Combining Tapestry Solutions' capabilities with Boeing's expertise in supply chain management and integration, we are positioned to help our customer solve real-world problems and drive a transformation in distribution processes. Tapestry Solutions' data fusion, logistics and knowledge management products and services will enhance our global logistics support network. From point of origin, inter-modally into theater, to point of use, we'll be able to offer services with better ability to pinpoint the location of assets wherever they are in the supply chain, improve predictability on arrival times, streamline logistics command and control, and reduce operating costs."
Once acquired, Tapestry Solutions will operate within IDS Global Services & Support. Terms of the cash transaction were not disclosed. This transaction, anticipated to close by the end of October following regulatory approvals, does not affect Boeing's financial guidance.
"Tapestry Solutions is thrilled to be working with Boeing. Boeing has a vision for the future of logistics command and control that is right in line with our experience supporting customers worldwide," said Galen Aswegan, president and CEO of Tapestry Solutions. "Tapestry Solutions' products and expertise in real-time monitoring, training and support of world-wide distribution channels will benefit from Boeing's large-scale commercial and military operations and product offerings."
Tapestry Solutions has approximately 350 employees with the majority located in San Diego where the company has its headquarters. Approximately 150 employees are embedded with customers in Iraq and at other operational locations throughout the world.
A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world's largest space and defense businesses specializing in innovative and capabilities-driven customer solutions, and the world's largest and most versatile manufacturer of military aircraft. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.1 billion business with 71,000 employees worldwide.
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SOURCE: Boeing Company
CONTACT: Fernando Vivanco, +1-562-797-4582, email@example.com,
or Chris Haddox, +1-314-234-6447, firstname.lastname@example.org, both of Boeing
Web site: http://www.boeing.com/