Curtiss-Wright Corporation (NYSE: CW) announced that it has acquired the stock of IMC Magnetics Corporation for approximately $37.5 million in cash. IMC produces solenoids, fans, motors and specialized products for numerous aerospace, commercial and industrial applications. The business will become part of Curtiss-Wright’s Motion Control segment.
With a portfolio of over 7,000 different solenoid and solenoid valve designs, IMC’s products are used by leading OEMs in a variety of applications such as fuel control systems, engine bleed, landing gear, wheel brake systems, and aircraft hydraulic directional controls. Additionally, the company’s strong capability in fans and motors has produced multiple designs and products such as DC brushless fans, induction motors, tube axial fans, vane axial fans, centrifugal fans and blowers, and mixed flow fans.
“The addition of IMC Magnetics expands Curtiss-Wright’s leadership in the integrated sensing arena,” said Curtiss-Wright Chairman and CEO Martin R. Benante. “IMC brings exciting new technology and further diversifies our product offerings in the aerospace, defense and industrial markets. Their operations will also provide an additional manufacturing resource for numerous products in our portfolio.”
Founded in 1951, IMC’s successful development of products to customer-specified performance requirements has resulted in a substantial customer base, including Honeywell, Northrop Grumman, Lockheed Martin, General Dynamics, and Boeing. Sales in 2007 are expected to be approximately $26 million.
Headquartered in Tempe, AZ, IMC employs approximately 220 people and has a production facility in Nogales, Mexico.
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 6,800 people worldwide.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, North Carolina, Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation. With manufacturing facilities around the world, Curtiss-Wright Controls is a leading technology- based organization providing niche motion control products, subsystems and services internationally for the aerospace and defense markets.