Creation Acquires ProWorks
Published: 09 December 2008
by Mike Buetow
The deal gives Creation an estimated run rate of $392 million and 2,400 employees across 11 business units. It marks the eighth acquisition in the past five years and the third this year for Creation.
In a statement, president and chief executive Arthur Tymos said, “We have long viewed the California market as key and are pleased to be strengthening our footprint in the region to support and grow our customer base. As with all of our acquisitions, we look for similar cultures, service and technical capabilities, profit momentum, a solid leadership team and growth opportunities.”
Creation’s San Jose business unit will be integrated into the ProWorks facility beginning in January. The merged business unit will employ more than 275 staff and will support over 35 active customers. Bill Moradkhan, ProWorks’ current president and CEO, will lead the integrated business unit.
It is unclear what this means for ProWorks’ operations in India. In June, the company incorporated a wholly owned Indian subsidiary, ProWorks Electronic Manufacturing India Private Ltd., and announced an agreement to lease a 42,000 sq. ft. facility 50 km west of Chennai. The plant was scheduled to be operational as early as the first quarter 2009.
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