Penny & Giles Controls Ltd. - PRODUCT NEWS
Curtiss-Wright acquiries Penny & Giles.

Penny & Giles, a leading designer and manufacturer
of position sensors and control hardware for industrial,
military and aerospace markets and also specialist
avionics equipment, has been acquired by
Curtiss-Wright Corporation of the United States for
a cash consideration of $60 million.

The businesses involved in the acquisition include UK-based
Penny & Giles Controls Ltd and Penny & Giles Aerospace Ltd,
US-based Penny & Giles Controls Inc. and Penny & Giles GmbH
based in Germany. The acquisition also included Autronics Inc.
of Irwindale, CA, USA.

Commenting on the acquisition, Penny & Giles' managing director
Joe Oatley says that this is excellent news for the company.
Penny & Giles is now a core business for Curtiss-Wright and is
seen as key to future growth.  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 plc 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 enterprise
delivering highly engineered, technologically advanced,
value-added products and services to a broad range of
industries in the Motion Control, Flow Control and Metal
Treatment market segments.

For more information, please contact :-
Penny & Giles Controls Ltd. Christchurch, BH23 3TJ. UK 
Tel: +44(0) 1202-409409  Fax: +44(0) 1202-409410

April 2002

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