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On March 29, 2022, GP Strategies was honored as a 2021 Supplier of the Year by General Motors during its 30th annual awards ceremony in Phoenix, Arizona. This marks the fifth consecutive year GP Strategies has received this recognition, which acknowledges suppliers who exceed GM's requirements and contribute innovative technologies. A total of 134 suppliers from 16 countries were acknowledged. Martha Manting, Senior VP at GP Strategies, expressed gratitude for the award, emphasizing the team's dedication to supporting GM's vision.
Learning Technologies Group plc (LTG) has successfully completed the acquisition of GP Strategies, enhancing its international presence and client base. This merger is projected to generate approximately £500 million in revenue, employing over 5,000 staff across 30 countries. Key sectors targeted include pharma, aerospace, and automotive, with a focus on leadership development and technical training. The transaction, financed by an £85 million share placing and $305 million in debt, aims to offer unique capabilities to corporate clients in talent development.
Toshiba America Energy Systems Corporation (TAES) has completed its acquisition of the EtaPRO® business from GP Strategies Corporation (NYSE: GPX), originally announced in May 2021. This acquisition aims to enhance Toshiba's global service offerings for power generation, integrating EtaPRO®'s digital technologies to improve efficiency and reliability. Approximately 60 employees from EtaPRO® will join TAES, which will retain existing locations and culture. The acquisition aligns with Toshiba's "Next Plan," focused on growth through infrastructure services, as stated by company executives.
GP Strategies Corporation (NYSE: GPX) reported a strong financial performance for Q2 2021, with revenue of $128.8 million, up 21.3% from Q2 2020. Gross profit rose to $23.8 million, or 18.5% of revenue. The company achieved a net income of $2.5 million, translating to $0.14 per share, compared to a net loss of $0.6 million last year. Adjusted earnings per share increased significantly to $0.33 from $0.12. The pending acquisition by Learning Technologies Group is set to close in Q4 2021, which could further impact future results.
Learning Technologies Group (AIM: LTG.L) is set to acquire GP Strategies Corporation (NYSE: GPX) for US$20.85 per share, totaling approximately US$394 million. The deal is subject to regulatory approval, anticipated to close in Q4 2021. Funding will be sourced from a new share placing, raising GBP85 million, and US$305 million in debt financing. This acquisition is expected to enhance LTG's portfolio in digital learning and talent management, addressing long-term growth opportunities in the global marketplace.
GP Strategies Corporation (NYSE: GPX) announced its acquisition by Learning Technologies Group (AIM: LTG.L) for $20.85 per share, valuing the deal at approximately $394 million. This acquisition represents a premium of 40% over GP Strategies' average share price over the past 180 days. The deal, unanimously approved by GP Strategies' Board, aims to enhance workforce transformation solutions globally by combining resources. Expected to close in Q4 2021, the merger will allow GP Strategies to maintain its brand under LTG while gaining access to a broader client base and expanded offerings.
GP Strategies (NYSE: GPX) has been awarded the GM Supplier of the Year for the 4th time, recognizing its exceptional performance in 2020. The award was presented to 122 suppliers globally, highlighting those who exceeded General Motors' requirements. GM emphasized the importance of supplier resilience and innovation during challenging times, aligning with their mission for zero crashes, emissions, and congestion. The selection was based on multiple performance criteria, showcasing GP Strategies' commitment to supporting GM's business priorities and sustainability goals.
GP Strategies (NYSE: GPX) announced a partnership with Technical Training Professionals (TTP) to enhance its GPiLEARN+ eLearning platform for the energy sector. This collaboration will allow GP Strategies to integrate TTP's advanced visual training materials into its offerings, which already include over 1,200 eLearning lessons aimed at addressing workforce development and compliance challenges. The partnership aims to provide high-quality, equipment-specific training to bolster the knowledge of plant personnel and improve training effectiveness.
GP Strategies Corporation (GPX) has entered into an agreement with Toshiba America Energy Systems Corporation (TAES) to sell its EtaPRO® business, which includes trademarks and intellectual property rights related to the EtaPRO® software platform. This strategic move aims to enhance Toshiba's offerings in power generation solutions. The transaction is expected to close by Q3 2021, subject to regulatory review. This partnership aligns with Toshiba's growth strategy, allowing for improved integration of EtaPRO® technology across various power generation sectors.
