CAMBRIDGE, Mass., Dec. 21, 2017 (GLOBE NEWSWIRE) -- GCP Applied Technologies Inc. (NYSE:GCP) announced today that it has completed the acquisition of the quality control assets and related intellectual property of Contek Shilstone Inc. The Montreal, Canada-based technology company has a prominent position in quality control software used in the ready-mix concrete industry. Terms of the deal were not disclosed.
Contek’s technology will complement and enhance GCP's VERIFI® In-transit Concrete Management System, which uses sensors installed on ready-mix trucks to produce real-time monitoring data of concrete properties while in-transit.
The combination of Contek’s quality control software and GCP's technologies will offer customers visibility into batch plant-to-jobsite performance metrics. These data insights and analytics will equip concrete producers with valuable information to help improve concrete quality, save time and reduce costs.
“This acquisition is in line with our strategy of leveraging data and predictive analytics to drive value for our customers,” said Naren Srinivasan, GCP’s Chief Strategy, Marketing and Development Officer. “Our IoT technologies help inform and optimize concrete production, and with the addition of Contek, our world-class R&D teams will collaborate to offer customers new innovations.”
GCP plans to release its newly redesigned best-in-class quality control technology in early 2018.
About GCP Applied Technologies
GCP is a leading global provider of construction products technologies that include additives for cement and concrete, the Verifi® in-transit concrete management system, high-performance waterproofing products, and specialty systems. GCP products have been used to build some of the world’s most renowned structures. More information is available at www.gcpat.com.
This announcement contains “forward-looking statements,” that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without limitation, statements about expected financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; competitive positions; growth opportunities for existing products; benefits from new technology and cost reduction initiatives, plans and objectives; and markets for securities. Like other businesses, GCP is subject to risks and uncertainties that could cause its actual results to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, risks related to: the cyclical and seasonal nature of the industries that GCP serves; foreign operations, especially in emerging regions; changes in currency exchange rates; the cost and availability of raw materials and energy; the effectiveness of GCP’s research and development, new product introductions and growth investments; acquisitions and divestitures of assets and gains and losses from dispositions; developments affecting GCP’s outstanding liquidity and indebtedness, including debt covenants and interest rate exposure; developments affecting GCP’s funded and unfunded pension obligations; warranty and product liability claims; legal proceedings; uncertainties related to GCP’s ability to realize the anticipated benefits of the spin-off /separation from W.R. Grace and the value of GCP’s common stock following the spin-off; the inability to establish or maintain certain business relationships and relationships with customers and suppliers or the inability to retain key personnel following the spin-off; and hazardous materials and the costs of compliance with environmental regulation. These and other factors are identified and described in more detail in GCP's Annual Report on Form 10-K, which has been filed with the U.S. Securities and Exchange Commission and is available online at www.sec.gov. Readers are cautioned not to place undue reliance on GCP’s projections and forward-looking statements, which speak only as the date thereof. GCP undertakes no obligation to publicly release any revision to the projections and forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.
Source:GCP Applied Technologies Inc.