Date: May 25, 2011 Author: JOHN JENNINGS Source: (
click here to go to the source)
Springboard Engineering, the Newton reliability testing and engineering advisory company that rose from the ashes of Maytag's closure, announced Tuesday that it is being acquired by Underwriter's Laboratory (UL), the global independent safety science company.
UL Verification Services President Sajeev Jesudas said the purchase of Springboard's assets will enable UL to expand its services.
"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," Jesudas said. "Springboard Engineering's experience and capabilities will allow us to increase our safety and performances testing capacity and expand our offerings in key growth markets, such as Energy Star and smart appliances."
Jordan Bruntz, current president of Springboard, said he will retain his position as president, and that Springboard will remain in Newton. He said he had been working with UL on the acquisition for some time.
"They (UL officials) recognized the exceptional talent here at Springboard and we saw it as an excellent opportunity to expand," Bruntz said. "This is good news for the company, the employees, the community and our customers. We wanted to make something sustainable for the future."
Bruntz added that the UL acquisition could very possibly mean an increase in the number of employees at Springboard.
Newton Mayor Chaz Allen, on hand Tuesday at Newton Springboard headquarters for the announcement, praised the purchase as good for the community.
"We're excited that UL has found value in Springboard and their plans for growth in our future," Allen said. "This is truly a positive business story coming out of Newton, Iowa."
Upon completion of the transaction later this month, Springboard will become part of UL's Verification Services business.
UL is a premier global independent safety science company with more than 115 years of history. Employing more than 6,800 professionals in more than 96 countries, UL has five distinct business units: Product Safety, Environment, Life and Health, University, and Verification Services, to meet the expanding needs of its customers and to deliver on its public safety mission.