"Moldflow and C-MOLD Enter into Definitive
Acquisition Agreement"
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News Release
Contact:
Marc Dulude
President and CEO
Moldflow Corporation
781-674-0085
marc_dulude@moldflow.com
FOR IMMEDIATE RELEASE
Moldflow and C-MOLD Enter into Definitive
Acquisition Agreement
$11 Million Cash Deal Combines Technical and Market Expertise
of Leading Plastics Technology Providers
Lexington, MA , February 11, 2000 - Moldflow Corporation, the world leader in optimizing the design and manufacture of plastic products, today announced that they have signed an agreement to acquire C-MOLD, a provider of plastics simulation software, for $11 million in cash. Following the closing of the transaction, which is scheduled to occur on or prior to May 31, 2000, C-MOLD will become a wholly owned subsidiary of Moldflow Corporation. This consolidation of technical and market expertise will enhance Moldflow's development capabilities and allow Moldflow to bring products to market faster as well as broaden service and support.
Moldflow intends to continue to support all C-MOLD and Moldflow product lines while developing a complete product integration plan that leverages individual product strengths. This integration will be done in close consultation with both Moldflow and C-MOLD customer bases.
"With the combined talents and technologies of Moldflow and C-MOLD, we will be in a better position to capitalize on the market opportunity for expanded product offerings focused on optimizing plastic products," said Marc Dulude, president and chief executive officer of Moldflow Corporation. "Throughout this transition, we are focused on meeting the needs of our existing customers and our new customers using C-MOLD products."
"The customers in the plastics manufacturing industry will benefit greatly from our soon to be consolidated technologies and resources." said C-MOLD co-founder and chairman of the board, Dr. K.K. Wang. Dr. Wang continued, "I am pleased by the synergies arising from this combination and look forward to seeing the companies integrate their operations."
About C-MOLD
Founded in 1986 as a spin-off from the Cornell Injection Molding Program at Cornell University,
C-MOLD is a leading innovator of CAE applications and knowledge management technology for the global plastics industry.
About Moldflow
Moldflow, founded in 1978, is the world leader in process-wide solutions for optimizing the design and manufacture of plastic products. Moldflow's complete suite of simulation software products provide the tools that allow companies to address plastic part design and manufacturing issues at the earliest possible stage to eliminate problems and costly downtime on the manufacturing floor. As the plastics product design and manufacturing industry becomes increasingly competitive, Moldflow continues to provide solutions that maximize productivity and profitability. Please visit our web site at www.moldflow.com. |
