CHARLOTTE, N.C., 1 Oct. 2013. Executives of Curtiss-Wright Controls Inc. in Charlotte, N.C., are boosting their company's expertise in rugged small-form-factor embedded computing for military, industrial, and commercial applications with their acquisition of Parvus Corp. In Salt Lake City.
Curtiss-Wright acquired Parvus for $38 million in cash, and will operate the company as part of the Curtiss-Wright Controls Defense Solutions segment in Ashburn, Va., Curtiss-Wright officials announced today. The company acquired Parvus from Eurotech S.p.A. (NASDAQ:CLWT) in Amaro, Italy.
Curtiss-Wright (NYSE:CW) leaders bought Parvus for its expertise in defense and commercial applications, rugged computing, and for its footholds in the defense and industrial embedded computing markets, officials say. Curtiss-Wright officials particularly were interested in Parvus expertise in small-form-factor embedded computing, officials say.
Parvus has 50 employees, and is expected to generate sales of $23 million in 2013, Curtiss-Wright officials say. In 2012 Parvus posted revenues of $20.19 million and earnings of $4.86 million, Eurotech officials say.
Parting ways with Parvus will enable Eurotech to concentrate on pervasive computers and low-power supercomputers, and high-performance embedded computing (HPEC) for fixed and mobile applications, says Roberto Siagri, president and CEO of Eurotech S.p.A.
For the time being, Parvus will continue to operate in Salt Lake City under the Parvus name. Its leaders will report to Curtiss-Wright Controls Defense Solutions. There is no indication that Parvus will not retain its name or remain in Salt Lake City for the long term.
"The Parvus team has established a leadership position in commercial off-the-shelf [COTS]-based small form factor processors and networking subsystem solutions, says Tom Quinly, president of Curtiss-Wright Controls.
Parvus has expertise in open standard-based modules and systems for command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR) applications in defense, homeland security, and industrial markets.
The acquisition will bring to Curtiss-Wright the Parvus technology and market expertise in rugged processors, mobile networking, and industrial grade board-level PC/104 modules for defense applications such as unmanned systems and tactical C4ISR payloads.
Target industrial applications for Parvus products include system monitoring, diagnostics, communications, networking, and vetronics subsystem control -- most notably in commercial transportation. Curtiss-Wright provides embedded computing and services in flow control, motion control, and surface treatment for defense, energy, industrial, and commercial applications.