Curtiss-Wright Buying Williams Controls
Curtiss-Wright Corp., Parsippany, NJ and and Williams Controls, Portland, Ore. have jointly announced a definitive agreement that provides for the merger of Williams Controls with a wholly-owned subsidiary of Curtiss-Wright. Williams Controls is a designer and manufacturer of electronic sensors and electronic throttle controls for off-road equipment, heavy trucks, and military vehicles.
Williams will operate within Curtiss-Wright's Motion Control segment. Curtiss-Wright will acquire Williams 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.
"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.