The Washington Post (NYSE: WPO) has announced plans to acquire power plant and industrial systems provider, Forney Corporation. Both parties plan for the deal to close in early August.
David E. Graham, chief executive officer and chairman for the Washington Post Company, is confident that this new acquisition will help the Washington Post diversify and expand itself even further. In a statement to the press, Graham said the Forney acquisition is part of the Post's "ongoing strategy of investing in companies with demonstrated earnings potential and strong management teams attracted to our long-term investment horizon."
Forney, a global leader in electric utility and industrial applications, is currently a part of the UTC Climate, Controls and Security branch of United Technologies Corporation. After the deal closes, Forney's general manager, Tom Demrick, and the company's original management team, will stay on board to operate the business. Neither party disclosed the price of the transaction.