US-based diversified product firm Curtiss-Wright has disposed of assets and liabilities of its Engineered Packaging, erstwhile Hybricon, to custom engineering systems provider Atrenne Integrated Solutions, a wing of RFE Investment Partners.
Curtiss-Wright chairman and CEO David C Adams said: "This transaction aligns with our long-term objective to improve operating margins, increase cash flow, and position Curtiss-Wright for sustained growth.
"Furthermore, it enables us to focus on our core businesses, while also providing a better strategic fit for their product portfolio. The divestiture of this non-core operation further enables Curtiss-Wright to become a top-quartile performer in our peer group."
Curtiss-Wright Corporation acquired Hybricon for $19m in June 2010.
Established in 1978, Littleton, Massachusetts-based Engineered Packaging, is into designing customized electronic packaging solutions for the military and aerospace segments.
Atrenne Integrated Solutions expects the addition of Engineered Packaging business to boost expertise in rugged, custom and commercial-off-the-shelf (COTS) chassis and backplanes for defense, commercial and industrial markets.
Engineered Packaging will be annexed with Atrenne Computing Solutions with immediate effect, the company said.
Atrenne will combine Hybricon's high-speed signaling technology and field-proven enclosure designs with its own systems, such as, electronic assemblies, front panels, extruded aluminum enclosures, and card cages.
Atrenne CEO Jan Erik Mathiesen said: "The Hybricon brand has a solid reputation for delivering design and manufacturing solutions for high performance chassis and backplanes to its customers. This adds significant capabilities and scale to our enclosure business.
"We will be able to invest in high-potential market opportunities, ultimately delivering exciting new technologies to our customer base. This will improve efficiency, increase innovation and provide greater value to our defense and industrial customers."
