Curtiss-Wright Completes Acquisition of PG Drives Technology
Leading Provider of Highly Engineered Controllers for Next Generation Electric Vehicles
CHARLOTTE, NC – November 2, 2012 – Curtiss-Wright Controls, Inc. today announced that it has completed the acquisition of 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 business will operate within Curtiss-Wright's Motion Control segment.
"PG Drives Technology’s unique electronic drive controller technology will help propel our growth in the industrial and medical markets while establishing a strong presence for Curtiss-Wright in diverse new areas,” said Tom Quinly, President of Curtiss-Wright Controls. “With this acquisition we expand our business into an exciting new direction as PG Drives Technology’s industry leading control products provide strong position in the rapidly growing specialty vehicle market.”
The company operates a design and manufacturing site in Christchurch, U.K. and sales and technical support offices in the U.S., Taiwan, China, Hong Kong, South Korea and Australia. Founded in 1976, PG Drives Technology employs 186 people and is ISO 9001:2008 accredited.
Technology that Improves the Quality of Life
PG Drives Technology’s unique, high-end performance products have broad application in a wide range of next-generation electric vehicles. These vehicles have the potential to replace today’s fossil fuel-powered vehicles in industry, health and recreation applications, with more environmentally friendly alternatives. Today, the company’s products enhance and improve the lifestyle of a wide variety of users. For example, in the medical field, the company’s technology provides independence and interaction that significantly improves the quality of life for many who would otherwise lack mobility and freedom. In one typical application, a PG Drives Technology drive controller system enables a severely disabled person to control devices, such as lights and air conditioner settings, by simply blowing a puff of air into a tube. In response to the user’s breath the controller sends a wireless Bluetooth signal to the desired device.
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.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: 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, Curtiss-Wright has a long tradition of design and manufacturing innovation along with long-standing customer relationships. The company employs approximately 8,600 people worldwide. For more information, visit www.curtisswright.com.
The Curtiss-Wright Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7709
About Curtiss-Wright Motion Control Segment
Curtiss-Wright Controls, Inc., headquartered in Charlotte, NC, is the Motion Control business segment of Curtiss-Wright Corporation. This business segment designs and manufactures complex motion control components, systems, and subsystems for very specialized defense, commercial aerospace and general industrial applications. For more information, visit www.cwcontrols.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future performance of PG Drives Technology, the future opportunities associated with the acquisition, and the success of the Company integrating PG Drives Technology into its Motion Controls segment, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.