Thursday September 10, 4:30 pm Eastern Time
Company Press Release
GenRad and Daimler-Benz Forge Software Technology Alliance
WESTFORD, Mass.--(BUSINESS WIRE)--Sept. 10, 1998--GenRad, Inc. (NYSE:GEN - news) today announced an alliance between its Advanced Diagnostic Solutions (ADS) business unit in Stockport, UK and Daimler-Benz AG [NYSE:DAI - news], Research and Technology, in Stuttgart, Germany to develop advanced diagnostic software technology for use in the automotive and general transportation industries. Joint research and development between the two companies began during the third quarter and the length of the alliance is tied to product development.
The increasing complexity of vehicle systems, brought about by the integration of electronic and mechanical components, calls for advanced methods of diagnosis. The technology to be jointly developed by GenRad and Daimler-Benz will lead to a range of software solutions designed to significantly enhance the development and performance of diagnostics for these complex systems.
The best-in-class core technology of Daimler-Benz coupled with the strong diagnostic history of GenRad and GenRad's ability to apply and deploy real-world diagnostic solutions on a global basis add particular strength to the alliance.
Paul Geere, GenRad's President of Advanced Diagnostic Solutions, commented, ''GenRad continues to develop strong relationships with world-class OEMs. The partnership with Daimler-Benz gives us the capability to provide the automotive industry with next generation diagnostic solutions.''
Dr. Wolfgang Merker, Head of the Information Technology Department of Daimler-Benz Research and Technology, commented, ''We have found in GenRad the partner that we can depend on to bring such a diagnostic tool to the market as a fully qualified product.''
Daimler-Benz Background
As Europe's largest industrial group, Daimler-Benz headquartered in Stuttgart, Germany can draw on a wealth of skills and experience in the fields of transportation and services. The 23 business units reside in four divisions: Passenger Cars, Commercial Vehicles, Aerospace, Services, as well as in the directly managed industrial business units (Rail Systems, Automotive Electronics, Diesel Engines). Daimler-Benz Research and Technology pursues model-based diagnostic approaches as part of its research in information technology for engineering analysis.
GenRad Advanced Diagnostic Solutions (ADS) Background
Advanced Diagnostic Solutions, headquartered in Stockport, England, is a leading global supplier of diagnostic and information solutions, specializing in complex electrical and electronic systems for automotive, aerospace, agricultural, construction and related industries.
GenRad Background
GenRad, Inc. provides electronics OEMs and their customers with the hardware, software, inspection systems and services to optimize design, manufacturing and after-market service productivity. GenRad, headquartered in Westford, MA, offers products and services through three business units: Advanced Diagnostic Solutions (ADS), Electronic Manufacturing Systems (EMS), and GR Software (GRS). GenRad employs approximately 1,300 people worldwide, of whom 35 percent are applications, software and hardware engineers. GenRad's web site address is genrad.com.
GenRad's most current shareholder information is available by visiting our Website at genrad.com or calling our Fax on Demand Service at (800) 469-1261.
Statements made in this press release which are not historical, including statements regarding future performance, product demonstration, product capabilities and markets are forward looking statements and as such are subject to a number of risks. Please see the Company's 1997 Annual Report or Form 10K and other reports filed pursuant to the Securities Exchange Act of 1934 for additional disclosure regarding such risk factors.
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Contact:
GenRad, Inc.
Nancy A. Miller, 978/589-7144
978/589-2002 Fax
millern@genrad.com
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