Curtiss-Wright Corporation has acquired the HydraNut product line and related intellectual property of Technofast International, a subsidiary of Tech Novus of Brisbane, Australia, for $8.0 million in cash.
This acquisition replaces the current licensing agreement between Curtiss-Wright and Technofast. The HydraNut product line is managed by Nova Machine Products, a wholly owned subsidiary of Curtiss-Wright Flow Control Corporation.
Technofast’s patented hydraulic tensioning technologies provide bolt tightening and removal for high maintenance, severe service applications. Its primary product, the HydraNut fastener, provides tensioning in safety risk situations and hard to access areas.
“The acquisition of the HydraNut technology expands Curtiss-Wright’s proprietary technologies for the global nuclear power market and other selected industrial markets,” said Martin R. Benante, Chairman and CEO of Curtiss-Wright. “We believe the market demand for Technofast’s current product line is just beginning to be realised, and we expect to expand international markets for these highly engineered products.”
Technofast’s HydraNut management team will transfer to Nova Machine Products, located in