Curtiss-Wright Corp. [CW] yesterday said it has agreed to acquire Williams Controls [WMCO], a designer and manufacturer of electronic sensors and electronic throttle controls for heavy trucks, off-road equipment and military vehicles.
Curtiss-Wright will pay about $119 million for Williams Controls through a $15.42 per share cash tender offer. Williams Controls’ closing stock price on Wednesday, the day before the deal was announced, was $10.91.
Curtiss-Wright said the pending deal is a further step on its path to be the supplier of choice for driver control subsystems in specialty vehicles.
Through the first nine months of 2012, Williams Controls has sales of $48.7 million and net income of $2.8 million. The company has about 300 employees.