MSX International Increases Investment in CADFORM Engineering in Germany
11.11.1999, 20:46
Auburn Hills, Mich. (PROTEXT) - MSX International Inc. hasincreased its investment in its Germany-based engineering servicepartnership with CADFORM Engineering GmbH. The new investment has been accomplished through an internalrestructuring of CADFORM and MSX International resources inRusselsheim and Sindelfingen. MSX International acquired itsinitial equity interest in CADFORM in January 1999. This mostrecent step reflects MSX International's continuing commitment toprovide a comprehensive range of engineering services to globalautomotive customers. Under the terms of the new investment, MSX International hasbecome the largest single shareholder in the company. MSXInternational's offices in Russelsheim and Sindelfingen are beingintegrated with CADFORM resources under the leadership of the twomanaging directors of CADFORM, Volker Wagner and Ludwig Leissing. "We are pleased to provide the global reach and resources ofMSX International in support of our customers," said LudwigLeissing, one of CADFORM's two managing directors. "Based on thisstrengthened relationship with MSX International, we expect toexpand our range of products and service areas in Germany. One ofour first actions will be to develop our new identity asCadform/MSX Engineering GmbH." "The engineering capabilities of CADFORM's people are well-respected in the German automotive industry," added John Risk,President of the Engineering Services Division of MSXInternational. "We view this action as a demonstration of ourresolve to provide superior support and service to our automotivecustomers on a worldwide basis." CADFORM Engineering, headquartered in Homberg/Ohm, generates85% of its sales revenue in the automotive industry, mainly inthe sectors of product development and mold construction. Thecomplete development potential ranges from full interiors tocomplex aluminum die-cast parts. MSX International is a leading, global provider of technology-driven business, engineering, and specialized staffing services.MSX International's services enable customers to significantlyimprove their business performance by adding value and helpingthem to achieve a competitive advantage. With annual sales exceeding $1 billion, MSX Internationalemploys more than 12,000 professional staff and contractpersonnel at over 60 operating locations in 23 countriesworldwide. MSX International offers its customers a wide range oftechnology-driven services, both on-site and off-site, includingproduct engineering and manufacturing engineering; contract andtemporary staffing; training; purchasing support; marketingsupport; electronic document and information storage andretrieval; process improvement consulting; and web andinformation technology services. This document contains statements that constitute "forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Such forward-looking statementsare not guarantees of future performance and involve significantrisks and uncertainties. Actual results may vary materially fromthose in the forward-looking statements as a result of any numberof factors, many of which are beyond the control of management.These important factors are discussed in MSX International'sfilings with the Securities and Exchange Commission. MSX International's headquarters is in Auburn Hills, Michigan.Visit MSX International's Web site at http://www.msxi.com . MSXInternational's news releases are also available athttp://www.prnewswire.com ots Original Text Service: MSXInternational Inc. Internet: http://www.newsaktuell.de Contact:Germany: Markus Lang of CADFORM, +49-0-66-339-773-21,lang.m@cadform.com; Germany: Sergio Wechsler, +49-0-17-296-632-74, swechsler@msxi.com, or United States: Bruce Wagner, 248-844-4129, bwagner@msxi.com, both of MSX International Inc. Web site:http://www.msxi.com
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