8/26/2004 - Synergy Microsystems, Inc. (Synergy) announced that it has signed a definitive purchase agreement to be acquired by Curtiss-Wright Corporation (NYSE: CW; CWB) for $49 million in cash. The agreement enhances the ability of both companies to offer customers a greater breadth of state-of-the-art products and superior support services for embedded systems. Synergy founders Tom Powell and Stan Skowronski will stay on as President and CTO, respectively, when the company officially becomes a business unit of Curtiss-Wright Controls the Motion Control segment of Curtiss-Wright Corporation.
"The acquisition of Synergy solidifies Curtiss-Wright's market leadership in embedded computing by expanding our technological expertise and further diversifying our product offerings into a broad array of military platforms and commercial and industrial markets," said Martin R. Benante, Chairman and CEO of Curtiss-Wright.
Sharing the same tradition for technological innovation as its new parent company, Synergy began as an ambitious endeavor in 1985 with a mission to build superior, open-architecture embedded computing solutions to meet the customer’s need for quality, performance and price. It has gained an industry reputation for its ability to deliver robust products within quick timeframes.
According to Tom Powell, CEO of Synergy, customers will continue to receive the same high level of service and support they have come to expect regardless of project size or complexity. “Synergy’s excellent design, quality and support services, and its commitment to total customer satisfaction are the very strengths that will enhance Curtiss-Wright’s market leadership following this strategic acquisition. These core values will continue to endure and define our customer relationships during this transition, and even more so as we assume our position on the Curtiss-Wright Controls Embedded Computing (CWCEC) team.”
The development also bodes well for Synergy’s 110 employees. “We’re delighted to become a key member of the Curtiss-Wright family of companies. The ability to pool resources and collaborate with such a highly talented engineering group opens the door to new opportunities, allowing us to incorporate our Single Board Computers (SBCs) and other key componentry into much higher levels of systems integration.” Said Tom Powell, “We are now part of a team whose combined capabilities and project experience benefit our current and future customers with an unprecedented range of system design options.”
Synergy Microsystems, Inc, (www.synergymicro.com) specializes in the design, manufacture and integration of single- and multi-processor, single-board computers for VME and CompactPCI systems to meet the needs of demanding real-time applications in military, aerospace, DSP, and industrial/commercial markets. Synergy has a long track record of extracting the highest possible performance from current and emerging SBC technologies, then supporting these technologies through extended product lifecycles. Synergy is headquartered in San Diego, CA with facilities in Tucson, AZ.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 5,100 people worldwide. The company is celebrating its 75th anniversary in 2004. More information on Curtiss-Wright can be found on the Internet at http://www.curtisswright.com.
About Curtiss-Wright Controls, Inc.
Headquartered in Gastonia, North Carolina, Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation. With manufacturing facilities in Gastonia and Shelby, NC, and around the world, Curtiss-Wright Controls is a leading technology-based organization providing niche motion control products, embedded computers, subsystems and services internationally. For more information, visit http://www.cwcontrols.com.
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