Aspen Technology Announces Closure of FTC Investigation and Agreement to Modify Consent Decree

Mon Jul 6, 2009 1:36pm EDT
 
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BURLINGTON, Mass.--(Business Wire)--
Aspen Technology, Inc. (OTC: AZPN.PK), a leading provider of software and
services to the process industries, today announced that the Federal Trade
Commission will close its civil investigation relating to a 2004 consent decree
involving AspenTech and Honeywell International Inc., pursuant to a modification
of that decree. The 2004 consent decree involved the sale of certain process
simulation products to Honeywell. In addition, AspenTech and Honeywell have
agreed to settle the related litigation between them. 

"We believe the claims made in this investigation were without any merit and
that the investigation was not justified, since AspenTech at all times complied
with both the letter and spirit of the original consent decree," said Frederic
G. Hammond, AspenTech Senior Vice President and General Counsel. "We made a
determination to settle the investigation rather than continue to allocate time
and resources to issues that in our view were resolved in 2004. Neither the
modification to the consent decree nor the settlement with Honeywell in any way
affects our ability to develop and sell our industry-leading engineering and
optimization solutions." 

Since the original 2004 consent decree, AspenTech has strengthened its
technology leadership through continued innovation across the aspenONE®
Engineering suite, including Aspen HYSYS®. The recent aspenONE V7 release
continues AspenTech`s 28-year history of innovation by making it easier for
process industry companies to adopt engineering best practices. aspenONE V7 is
being used by more than 700 leading process industry companies around the world.


Modification to Consent Decree

The modification to the 2004 consent decree requires that AspenTech continue to
provide the ability for users to save input variable case data for Aspen HYSYS
and Aspen HYSYS Dynamics software in a standard "portable" format, which will
make it easier for users to transfer case data from later versions of the
products to earlier versions. AspenTech will also provide documentation to
Honeywell of the Aspen HYSYS and Aspen HYSYS Dynamics input variables, as well
as documentation of the covered heat exchange products. These requirements will
apply to all existing and future versions of the covered products through 2014.
In addition, AspenTech will provide to Honeywell a license to modify and
distribute (in object code form) the current version of AspenTech`s flare system
analyzer. 

Following a 30-day period for public comment on the modification to the original
decree, AspenTech expects that the new arrangement will be made part of a final
order. 

About AspenTech

AspenTech is a leading supplier of software that optimizes process manufacturing
- including oil and gas, petroleum, chemicals, pharmaceuticals and other
industries that manufacture and produce products from a chemical process. With
integrated aspenONE® solutions, process manufacturers can implement best
practices for optimizing their engineering, manufacturing and supply chain
operations. As a result, AspenTech customers are better able to increase
capacity, improve margins, reduce costs, and become more energy efficient. To
see how the world`s leading process manufacturers rely on AspenTech to achieve
their operational excellence goals, visit www.aspentech.com. 

© 2009 Aspen Technology, Inc. AspenTech, aspenONE, the Aspen leaf logo, HYSYS,
and the 7 Best Practices of Engineering Excellence are trademarks of Aspen
Technology, Inc. All rights reserved. 





AspenTech
David Grip, +1 781-221-5273
david.grip@aspentech.com



Copyright Business Wire 2009

 

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