Moldflow Corporation Announces Agreement to Sell Moldflow Manufacturing Solutions Division to Husky Injection Molding Systems Ltd
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91 Hartwell Ave.
Lexington, MA, 02421-3137
Press release date: June 25, 2007
FRAMINGHAM, Mass.--June 25, 2007--Moldflow Corporation (NASDAQ: MFLO), today announced that it has signed an asset purchase agreement pursuant to which it will sell substantially all of the assets related to its Manufacturing Solutions division to Husky Injection Molding Systems Ltd. (TSX: HKY) located in Bolton, Ontario, Canada. The sale, which is expected to be completed during the fourth quarter of fiscal 2007, is for $7.0 million and the assumption of certain liabilities by Husky, and is subject to certain closing conditions.
On the sale of the Manufacturing Solutions division, Roland Thomas, Moldflow's President and CEO, said "We are pleased to announce the agreement between Husky and Moldflow. When we announced that the company was holding the Manufacturing Solutions division for sale, it was our intention to find a buyer with a suitable infrastructure to sell and support our Manufacturing Solutions products globally. Both Moldflow and Husky share a common belief regarding the importance of providing products and services that link the product design and manufacturing processes. We believe that Husky is the right company to provide products that fit that common vision, as well as provide the high level of service and support that Moldflow's customers have come to expect."
"This acquisition brings to Husky an experienced team, a wealth of technology expertise and a highly complementary set of innovative products. As a result, we will offer our customers greater value and continue growing this strategic area of our business," said Keith Carlton, Husky's Vice President of Hot Runners and Molds.
Under the agreement, Husky will acquire substantially all of the assets of the Manufacturing Solutions division, including the Altanium®, Shotscope® and Celltrack(TM) product lines. The Moldflow Plastics Xpert® (MPX®) software product will be retained by Moldflow.
About Moldflow Corporation Moldflow (NASDAQ: MFLO) is the leading global provider of design analysis solutions for the plastics injection molding industry. Moldflow's products and services allow companies to address part and mold design issues at the earliest stage and maximize productivity and profitability on the manufacturing floor.
Visit www.moldflow.com for more information.