The Washington Post Company (NYSE:WPO) today announced it has signed an agreement to acquire Forney Corporation, a global supplier of products and systems that control and monitor combustion processes in electric utility and industrial applications. The deal is expected to close in early August. A leader in power plant and industrial systems around the world, Forney is part of UTC Climate, Controls & Security, a unit of United Technologies Corp. Tom Demrick, general manager, Forney Corporation, and the Forney management team will continue to run the business. The purchase price was not disclosed.
Donald E. Graham, chairman and chief executive officer of The Washington Post Company, said: “Our acquisition of Forney Corporation is part of the Post Company’s ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon. Forney is a small acquisition that fits with our decentralized operating philosophy. We are a diverse group of businesses sharing common goals and values but each with its own identity and workplace culture, and with management responsible for its operations.”
About The Washington Post Company
The Washington Post Company (NYSE:WPO) is a diversified education and media company. The Company’s Kaplan subsidiary provides a wide variety of educational services, both domestically and outside the United States, including programs to prepare students for careers in healthcare and many other fields. Its media operations include newspaper publishing (principally The Washington Post), television broadcasting (through the ownership and operation of six television broadcast stations) and cable television systems. The Company also owns Celtic Healthcare, a multistate provider of Medicare-certified home healthcare and hospice services.