Penny and Giles acquired by Curtiss-Wright

Penny and Giles has been acquired by Curtiss-Wright Corp of the USA for a cash consideration of $60 million.

Penny and Giles has been acquired by Curtiss-Wright Corp of the USA for a cash consideration of $60 million.

The businesses involved in the acquisition include UK-based Penny and Giles Controls and Penny and Giles Aerospace, US-based Penny and Giles Controls and Penny and Giles GmbH based in Germany.

The acquisition also included Autronics of Irwindale, CA, USA.

Commenting on the acquisition, Penny and Giles' managing director Joe Oatley says that this is excellent news for the company.

Penny and Giles is now a core business for Curtiss-Wright and is seen as key to future growth.

Being part of a US corporation specialising in motion control presents us with a strong platform for strategic expansion into the US market.

The sale will allow former parent Spirent to focus on its high technology telecommunications activities.

The acquired businesses will continue to operate under the Penny and Giles brand name but will form part of the new Curtiss-Wright Sensors and Controls Group.

Curtiss-Wright Corp is a diversified, global enterprise delivering highly engineered, technologically advanced, value-added products and services to a broad range of industries in the motion control, flow control and metal treatment market segments.

(This was Electronicstalk's Top Story on 10 May 2002).

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