Curtiss-Wright Corporation has signed an agreement to acquire selected assets of E/M Coatings from the Morgan Crucible Company, the $1.5 billion British manufacturer of technology based materials and components, for $16.7 million in cash.
With 2002 annual sales of $26.0 million, the six E/M Coatings facilities to be acquired in the deal have a total of 237,000 square feet and approximately 278 employees. They are located across the US in Chicago, Detroit, Minneapolis, Hartford CT and North Hollywood and Chatsworth, CA.
E/M Coatings’ application facilities have the capability of applying over 1,100 different coatings to impart lubrication, corrosion resistance, and certain cosmetic and dielectric properties to selected components. The coatings are used in a broad range of products and industries whenever conventional wet lubricants provide insufficient protection due to high temperatures, extreme loads, corrosion, wear, chemical corrosion or other adverse operating conditions.
E/M Coatings serves a diverse customer base including the aerospace, automotive, electronics, industrial, medical, military and semiconductor markets. In 2002, automotive (35% total sales), general industrial (26%) and aerospace (25%) markets generated the majority of the company’s revenues.
Commenting on the acquisition, Martin Benante, Chairman and CEO of Curtiss-Wright, stated, ‘The acquisition supports the strategic objectives of our Metal Treatment business segment by diversifying our capabilities beyond the traditional shot-peening services. It provides a major opportunity to gain an immediate and significant foothold in the outsourced specialty coating service market segment with a large sales platform and multiple plant locations.’