Curtiss-Wright – CW – Will acquire Williams Controls – WMCO
Curtiss-Wright Corporation (NYSE: CW) and Williams Controls (NYSE: WMCO) jointly announced that they have entered into a definitive agreement that provides for the merger of Williams Controls with a wholly-owned subsidiary of Curtiss-Wright. Williams Controls is a leading designer and manufacturer of highly-engineered electronic sensors and electronic throttle controls for off-road equipment, heavy trucks, and military vehicles. The acquired business will operate within Curtiss-Wright’s Motion Control segment.
“The acquisition of Williams Controls, which will closely follow our acquisition of PG Drives, will strengthen and expand Curtiss-Wright’s existing industrial controls business and is another step toward our vision to be the supplier of choice for driver control subsystems in specialty vehicles,” said Martin R. Benante, Chairman and CEO, Curtiss-Wright Corporation. “For over 75 years, Williams Controls has been a leading designer and manufacturer of critical vehicle controls technology and brings unmatched expertise, experience and long-standing customer relationships to Curtiss-Wright.”.
Patrick W. Cavanagh, Williams Controls’ President and Chief Executive Officer, said, “This transaction enables Williams Controls to achieve its strategic vision while returning significant value to our stockholders. By combining Williams Controls’ global leadership in electronic throttle controls with Curtiss-Wright’s Motion Control segment, we can more quickly expand our pedal systems, sensors and joysticks to become a solutions supplier to all of our customers in the commercial truck and off-road markets.” Mr. Cavanagh continued, “Williams Controls’ commitment to our employees, customers and local communities remains unchanged. We expect all of our stakeholders to benefit from being part of a larger and more diverse company that shares our focus for superior quality, leading technology and innovative products for customers worldwide.”
Curtiss-Wright will acquire Williams Controls in a cash tender offer for $15.42 per share, representing a total purchase price of approximately $119 million. The closing price of Williams Controls’ common stock on October 31, 2012 was $10.91 per share. Williams Controls’ Board of Directors unanimously approved the transaction on Wednesday, October 31, 2012. .
About Williams Controls – WMCO
Founded in 1937, Williams Controls (WMCO) is a recognized leader in the production of critical controls and assemblies for specialty vehicles, including sensors, electronic throttle controls and joysticks. WMCO’s products address the long-term trend toward higher fuel efficiency and lower emissions with more highly-calibrated and responsive technology embedded in throttle systems that are electronically-engineered and ergonomically designed to foster improved operating performance. Demand for these products is expanding in many markets as countries such as China, India and Russia are implementing more stringent emissions standards for heavy trucks and specialty vehicles. Williams Controls also designs and manufactures adjustable foot pedals and arm rests, a line of pneumatic products including air valves, switches, and throttle controls for the heavy truck and bus markets, and a line of joysticks primarily for the off-road market.
About Curtiss-Wright Corporation – CW
Curtiss-Wright Corporation (CW) is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, CW has a long tradition of design and manufacturing innovation along with long-standing customer relationships. CW employs approximately 8,600 people worldwide.
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- Curtiss-Wright – CW – Will acquire Williams Controls – WMCO
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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