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Curtiss-Wright To Acquire Assets Of PG Drives Technology

Stocks in this article: CW

PARSIPPANY, N.J., Sept. 24, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has entered into an agreement to acquire the assets that comprise PG Drives Technology, a business unit of Spirent Communications plc, for $64 million in cash. PG Drives Technology is a leading designer and manufacturer of highly engineered controllers and drives used in a wide variety of advanced electric-powered industrial and medical vehicles. The acquired business will operate within Curtiss-Wright's Motion Control segment.

"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," said Martin R. Benante, Chairman and CEO, Curtiss-Wright Corporation. "With almost four decades as a leading supplier of high-end and reliable electric vehicle control systems, PG Drives Technology brings unmatched expertise, experience and long-standing customer relationships to Curtiss-Wright. This acquisition enhances our market diversification by providing further penetration into our existing industrial and medical markets while simultaneously increasing our presence and breadth of product offerings in the specialty vehicle market."

PG Drives Technology controller and drive technologies are used in electric vehicles including forklifts, pallet loaders, wheelchairs, and rehabilitation chairs serving the industrial and medical markets. The company's products deliver precise variable power from batteries to electric drive motors, and are fully programmable to suit various motor profiles, voltages and power levels. All products incorporate proprietary advanced motor control algorithms, which serve as the backbone for the company's wheelchair and powerchair control systems, as well as electric vehicle controllers. Available accessories include joystick controls, power and status displays, and field programming units.

PG Drives Technology generated sales of approximately $58 million in 2011. In addition to its design and manufacturing site in Christchurch, U.K., the company operates a network of sales and technical support offices in the U.S., Taiwan, China, Hong Kong, South Korea and Australia. PG Drives Technology has 186 employees, 48 of which are engineers, and is ISO 9001:2008 accredited. The transaction is expected to close in October.

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