CIMdata PLM Industry Summary Online Archive
23 December 2004
Company News
Aspen Technology Announces Completion of Federal Trade Commission Settlement and Agreement with Honeywell
Aspen Technology, Inc . announced that the Federal Trade Commission (FTC) gave final approval to the consent decree settling its action against AspenTech and to Honeywell International as the acquirer of AspenTech's operator training business and intellectual property of the Hyprotech engineering products. Following the FTC's approval, AspenTech and Honeywell closed the transaction described in its news release dated October 6, 2004. This approval constitutes a complete and final settlement of all issues raised in the complaint brought by the FTC in July 2002.
"We are extremely pleased that this transaction has been completed and fully resolves our litigation with the FTC," said Charles Kane, Interim CEO and Chief Financial Officer of AspenTech. "This is a win-win solution for all parties involved. The FTC resolves its complaint; AspenTech is able to continue marketing, selling and developing all of its existing and planned engineering software products, with the exception of those used exclusively in the operator training business; and customers will receive the high level of products, services, support and innovation they have come to expect from AspenTech.
"By putting the FTC complaint behind us and with more than 350 software developers worldwide committed to driving new innovation, customers can invest confidently in AspenTech's integrated solutions for the enterprise operations management market. Our ability to provide broad solutions for the engineering, plant operations, and supply chain business processes that underpin their operations differentiates us in the industry, and enables us to provide real-time data to forecast and simulate the economic impact of operational decisions."
Become a member of the CIMdata PLM Community to receive your daily PLM news and much more.
Tell us what you think of the CIMdata Newsletter. Send your feedback.
CIMdata is committed to your privacy. Your personal information will never be sold or shared outside of CIMdata without your express permission.