Curtiss-Wright Corporation (NYSE:CW) today announced that through its Metal Treatment segment, it has signed a definitive purchase agreement to acquire the assets of BASF's Surface Technologies business from BASF Corporation.
The Surface Technologies business is a leading supplier of metallic and ceramic thermal spray coatings primarily for the aerospace and power generation markets.
"The acquisition of BASF's Surface Technologies business adds a new offering in the area of high technology coatings to Curtiss-Wright's existing portfolio of niche coating technologies. Thermal spray coatings are synergistic with our current offering of highly engineered metal treatment services. We anticipate leveraging this technology for additional growth opportunities across our global network of metal treatment service facilities," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation.
Thermal spray coatings are utilized to protect and enhance a wide variety of critical components used in the aerospace, automotive, diesel, power generation, medical and general industrial markets. These coatings provide thermal barrier protection, abrasion and erosion resistance, high temperature oxidation/corrosion resistance and the capability to serve as a replacement of hard chrome plating. BASF's Surface Technologies business applies several different types of thermal spray coatings, including high velocity oxygen fuel (HVOF), plasma spray and flame spray coatings, which can all be tailored to the specific end use application.
BASF's Surface Technologies business generated sales of approximately $29 million in 2010 and has approximately 150 employees at its three operating facilities located in East Windsor, CT, Wilmington, MA and Duncan, SC. All three facilities are ISO 9001 certified and Nadcap approved for thermal spray coating of aerospace components. The transaction is expected to close within ninety days from signing.
Source: http://www.curtisswright.com/