May 24, 2011
Northbrook, IL / Newton, IA - May 24, 2011 - UL, a world leader in advancing safety, announced today a definitive agreement whereby UL will acquire the assets of Newton, Iowa-based Springboard Engineering, Inc., a leading performance, ENERGY STAR®, reliability and engineering advisory services company that was founded by Maytag design engineers.
"This acquisition will enable UL to strengthen and expand our capabilities to serve key customers in the HVAC, Appliances, and Components segments and give us a comprehensive suite of services to support global manufacturers," said Sajeev Jesudas, President, UL Verification Services. "Springboard Engineering's experience and capabilities will allow us to increase our safety and performance testing capacity and expand our offerings in key growth markets such as ENERGY STAR® and smart appliances."
"Springboard Engineering and UL share complementary offerings and we fully expect this will play a critical role in deepening our relationships with our combined customers," said Jordan Bruntz, the president of Springboard Engineering. "With our combined focus on safety, performance, energy testing, and engineering services, together we can play a key role in helping companies create safer and more energy efficient products."
Upon completion of the transaction, Springboard Engineering will become part of UL's Verification Services business. Springboard Engineering will continue to be headquartered in Newton, Iowa, after the deal closes at the end of May. Jordan Bruntz will remain in his role as the President of Springboard Engineering.
UL and Springboard Engineering acted as their own financial advisor for this transaction.