Curtiss-Wright buying Spirent unit for $64 million
PARSIPPANY, N.J. (AP) — Aerospace and defense supplier Curtiss-Wright is buying a division of Britain's Spirent Communications PLC that makes controllers and drives for electric-powered vehicles for $64 million in cash.
"The acquisition of PG Drives Technology significantly strengthens and expands Curtiss-Wright's existing industrial controls business and provides growth in a new direction with a strong presence in the rapidly growing electric vehicle market," Chairman and CEO Martin Benante said in a statement.
Curtiss-Wright Corp. said Monday that PG Drives Technology will become part of its motion control segment. The company's controller and drive technologies are used in electric vehicles including forklifts, pallet loaders, wheelchairs and rehabilitation chairs serving the industrial and medical markets. It had 2011 sales of about $58 million.
Spirent is based in the United Kingdom.
The buyout is expected to close next month.
On Thursday, Curtiss-Wright announced that an ongoing strike by union workers at a plant in Pennsylvania will likely significantly hurt its fiscal 2012 financial results.
The Parsippany, N.J., company did not provide specific details about the potential financial impact.