The Washington Post (NYSE:GHC) 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.
Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why GNC Holdings, Inc. Stock Skyrocketed Nearly 50% Today
The health and wellness retailer rallied on an encouraging quarterly update. Here's what investors need to know.
Is HCP, Inc. a Buy?
The specialty REIT's stock has been taking it on the chin. Here's a look at whether that makes it a good deal now.
2 Dividend-Paying Self-Driving Car Stocks You Can Buy Today
NVIDIA and Intel are positioned to reward investors while they wait for self-driving cars to enter the mainstream.