ST. LOUIS, Nov. 16, 2010 -- Boeing [NYSE: BA] today announced that it has signed an agreement to acquire CDM Technologies, a software engineering company that specializes in real-time transportation and logistics planning systems for the U.S. military. The transaction will be effected through Boeing's Tapestry Solutions subsidiary.
The acquisition supports Boeing's growth strategy for logistics command and control.
"CDM Technologies brings capabilities that enhance our existing portfolio while allowing us to accelerate growth in the logistics command and control market," said Greg Deiter, vice president of Defense & Government Services for Boeing. "This acquisition is another important step in our mission to assemble the technologies that will help us drive efficiency into our customers' distribution processes."
CDM Technologies is headquartered in San Luis Obispo, Calif., and employs 130 people. Once acquired, CDM Technologies will be fully integrated into Tapestry Solutions.
"CDM Technologies' intelligent decision-assistance tools will increase the adaptability of logistics planning for Boeing customers," said Galen Aswegan, president of Tapestry Solutions and director of Boeing Logistics Command & Control. "Whether by air, sea, rail or road, their routing and load-planning optimization software provides customers with in-transit visibility and rapid re-planning capabilities."
CDM Technologies is privately held and the terms of the transaction are not being disclosed. The transaction does not affect Boeing's current financial guidance and is expected to close by the end of the fourth quarter of 2010.
Tapestry Solutions of San Diego is a wholly owned subsidiary of Boeing and forms the core of the Logistics Command and Control (LogC2) subdivision of Defense & Government Services, an operating division of Boeing Defense, Space & Security's Global Services & Support business unit. Acquired by Boeing in 2008, Tapestry provides custom software development, system engineering, geographic information systems (GIS), field support, training, consulting, support services, and modeling and simulation to the U.S. military, other government customers and the private sector.
A unit of The Boeing Company, Boeing Defense, Space & Security is one of the world's largest defense, space and security 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 Defense, Space & Security is a $34 billion business with 68,000 employees worldwide. Follow us on Twitter: @BoeingDefense.
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Forward-Looking Information Is Subject to Risk and Uncertainty
Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "plans," "intends," "projects," "believes," "estimates," "targets," "anticipates," and similar expressions are used to identify these forward-looking statements. Examples of forward-looking statements regarding the proposed acquisition of CDM Technologies include, but are not limited to, statements regarding the expected timetable for completing the transaction, future business prospects, our guidance relating to 2010 and 2011 financial and operating performance, product development and benefits and synergies of the transaction, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based upon assumptions about future events that may not prove to be accurate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak to events only as of the date they are made and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by federal securities laws. Specific factors that could cause actual results to differ materially from forward-looking statements include, but are not limited to, the effect of economic conditions in the United States and globally, the ability of the parties to satisfy the transaction conditions and consummate the transaction, the risk that competing offers will be made, our ability to successfully integrate CDM Technologies' business and realize anticipated synergies, and other important factors disclosed previously and from time to time in our filings with the Securities and Exchange Commission.
Tapestry Solutions Communications