Reuters: Mergers News: UPDATE 1-Bodycote buys Curtiss-Wright heat treatment business

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UPDATE 1-Bodycote buys Curtiss-Wright heat treatment business Apr 2nd 2012, 07:10 April 2 | Mon Apr 2, 2012 3:10am EDT April 2 (Reuters) - British engineering firm Bodycote said it bought Curtiss-Wright Corp's heat treatment business for $52 million (32.55 million pounds) to expand its customer base in the U.S. aerospace industry. The deal, which was funded by Bodycote's existing cash and bank facilities, is expected to add to earnings in the first year, the company said. Bodycote said the business comprised nine sites in northern and central parts of the United States, serving a wide range of industries, with a particular focus on commercial aerospace and oil and gas. Factories around the world use heat treatment to improve the properties of metals and alloys, extending the life of machinery parts such as jet engine turbine blades, oil and gas equipment and car parts. "Adding these nine sites to Bodycote's existing 35 U.S. plants provides significant additional capability and a broader customer base in key regions," Bodycote Chief Executive Stephen Harris said in a statement. The company said Curtiss-Wright's heat treatment business had sales of $36.5 million in 2011. The Macclesfield, Cheshire-based company's shares, which have gained 15 percent since it posted strong full-year results in February, were up 1.5 percent at 387.7 pence on Monday on the London Stock Exchange. Link this Share this Digg this Email Reprints

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