"Considering the speed at which our plan is progressing, we are more than confident about accomplishing most of the integration within six months, so the initially budgeted recurring savings of $25 million to $30 million should be achieved as of fiscal 2003-2004," indicated Laurent Verreault, President and Chief Executive Officer. Verreault added that integrating Eimco will entail non-recurring rationalization costs of $10 million to $15 million, most of which will be capitalized in the acquisition price. It should be pointed out that right after the Eimco acquisition, GL&V's total order backlog had reached $203 million ($80 million of which from Eimco).
Concurrently, the Company is implementing Dorr-Oliver Eimco's management succession plan to fill the position of its current President, Greg Bruyea, who will retire at the beginning of 2003. "Greg built a dynamic and resourceful team to assume his succession at the helm of Dorr-Oliver Eimco. This team has played a key role in our business acquisition and integration strategy since 1991 and was notably responsible for the current success of Eimco's integration plan," added Laurent Verreault.
Source: GL&V