Curtiss-Wright Corporation (NYSE:CW) announced that it has completed the acquisition of 100% of the membership interests of Arens Controls, LLC (Arens) for $98 million in cash. Arens is a leading designer and manufacturer of highly-engineered, precision operator interface controls and power management systems for commercial and off-road industrial vehicles. The acquired business will operate within Curtiss-Wright’s Controls segment.
Founded in 1939, Arens is a recognized leader in the production of control system solutions for industrial vehicles, including heavy and medium trucks, buses and off-highway equipment. Arens’ market-leading products include vehicle power management, shifters and controls. Its products also address the long-term industry trend toward higher fuel efficiency and lower emissions through the growing demand for Hybrid Electronic Vehicles (HEV). The implementation of more stringent worldwide emissions standards for heavy trucks and specialty vehicles is expected to lead to increased market demand for these products, particularly in China, India and Russia.
Arens, headquartered in Arlington Heights, Ill., has approximately 120 employees and is expected to generate sales of approximately $57 million in 2013.
EC Mergers & Acquisitions acted as exclusive financial advisor to Curtiss-Wright on this transaction.