DORSET-BASED PENNY & Giles has been acquired by the Curtiss-Wright Corporation of the United States for $60 million in cash.
The Christchurch group designs and manufactures position sensors and control hardware for industrial, military and aerospace markets.
It also designs and manufactures specialist avionics equipment.
The businesses involved in the acquisition include Penny & Giles Controls; Penny & Giles Aerospace; US-based Penny & Giles Controls Inc and Penny & Giles GmbH in Germany.
The acquisition also includes Autronics Inc of Irwindale, California.
Penny & Giles managing director Joe Oatley said: "This is excellent news for the company. Penny & Giles is now a core business for Curtiss-Wright and is seen as the key to future growth."
He added: "Being part of a US corporation specialising in motion control presents us with a strong platform for strategic expansion into the US market."
The sale will allow former parent Spirent to focus on its high-technology telecommunications activities.
The acquired businesses will continue to operate under the Penny & Giles brand name but will form part of the new Curtiss-Wright Sensors & Controls Group.
Curtiss-Wright Corporation is a diversified, global business delivering products and services in the motion control, flow control and metal treatment markets.
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