Curtiss-Wright to Acquire Assets of PG Drives Technology

Curtiss-Wright Corporation

today announced that it has entered into an agreement to acquire 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 acquired business will operate within Curtiss-Wright's Motion Control segment. "The acquisition of PG Drives Technology 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," said Martin R. Benante, Chairman and CEO, Curtiss-Wright Corporation. "With almost four decades as a leading supplier of high-end and reliable electric vehicle control systems, PG Drives Technology brings unmatched expertise, experience and long-standing customer relationships to Curtiss-Wright. This acquisition enhances our market diversification by providing further penetration into our existing industrial and medical markets while simultaneously increasing our presence and breadth of product offerings in the specialty vehicle market."