Curtiss-Wright Corp. struck a $64 million cash deal to acquire PG Drives Technology from U.K.-based Spirent Communications Plc.
PG Drives controller and drive technologies are used in electric vehicles such as forklifts, pallet loaders, wheelchairs and rehabilitation chairs serving the industrial and medical markets.
"The acquisition of PG Drives 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," Curtis-Wright chief executive Martin R. Benante said in a statement.
PG Drives made $58 million in sales last year. It has sales and technical support offices in the U.S., Taiwan, China, South Korea and Australia.
Its headcount sits at 186 employees, of which 48 are engineers.
The acquired business will operate under the motion control segment, the company said in a release Monday.
Curtiss-Wright expects the transaction to wrap up in October.
Last week, the company said a strike at its plant in Cheswick, Pennsylvania will hurt its fiscal 2012 financial results.
About 300 International Brotherhood of Electrical Workers (IBEW) went on strike at Curtiss-Wright's electro-mechanical division plant. Contract agreements between the company's control flow segment and IBEW expired on August 18.
Although one union, a chapter of the Association of Westinghouse Salaried Employees, opted to work through negotiations, members of IBEW elected to strike after Curtiss-Wright's initial wage offer.
Its stock closed Friday at $32.80 each on the New York Stock Exchange.
Curtiss-Wright Corporation is a diversified, multinational provider of engineered, technologically advanced products and services. The Company designs and manufactures engineered, advanced technologies that perform critical functions in demanding conditions in the defense, power generation, oil and gas, commercial aerospace, and general industrial markets.
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