Williams Controls, Inc., together with its subsidiaries, engages in the design, manufacture, and sale of electronic throttle controls, pneumatic controls, and electronic sensors for heavy trucks, transit buses, off-road equipment, and military applications worldwide. The company’s electronic throttle control systems send a signal proportional to throttle position to adjust the speed of electronically controlled engines. Its pneumatic control systems are used for vehicle control system applications, such as power take-offs and air-control applications. The company also designs and manufactures a line of adjustable foot pedals and arm rests for medium and heavy truck, and transit bus markets, ...
14100 SW 72nd Avenue
Portland, OR 97224
Founded in 1937
Williams Controls Inc. Amends and Restates Certificate of Incorporation and the Bylaws; Announces Director Appointments
Dec 18 12
Williams Controls Inc. announced that on October 31, 2012, the company entered into an agreement and Plan of Mergerwith Curtiss-Wright Controls Inc. Pursuant to the merger agreement, upon the terms and subject to the conditions thereof, acquisition sub commenced a tender offer on November 15, 2012 to acquire all of the outstanding shares of the company’s common stock, par value $0.01 per share, at a purchase price of $15.42 per Share, net to the seller in cash without interest thereon and less any required withholding tax, upon the terms and subject to the conditions set forth in the offer to purchase dated November 15, 2012, and the related Letter of Transmittal, each as amended and supplemented from time to time. In accordance with the terms of the merger agreement, on December 14, 2012 acquisition sub merged with and into the company, with the company surviving the merger as a wholly-owned subsidiary of Curtiss-Wright. At the effective time of the merger, the certificate of incorporation and the bylaws of the company were amended and restated in accordance with the terms of the merger agreement.
The company announced that in connection with the merger and as contemplated by the merger agreement, all directors of the company prior to the merger voluntarily resigned from the company’s board of directors effective as of the effective time of the merger on December 14, 2012. Pursuant to the terms of the merger agreement, on December 14, 2012, the directors of acquisition sub immediately prior to the effective time of the merger, which consisted of Thomas P. Quinly, Robert H. Shaw, John C. Watts and Allen E. Symonds became directors of the company following the merger.
Williams Controls Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2012; Declares Regular Quarterly Dividend, Payable on August 28, 2012; Provides Capital Expenditure Guidance for the Full Year 2012
Aug 8 12
Williams Controls Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2012. For the quarter, the company's net sales were down 2.3% to $16,382,000, operating income of $1,612,000, income before income taxes of $1,473,000 and net income of $845,000 or $0.11 per basic and diluted share against net sales of $16,767,000, operating income of $2,234,000, income before income taxes of $2,183,000 and net income of $1,506,000 or $0.20 per basic and diluted share for the same period a year ago. The performance in the third quarter of fiscal 2012 results largely from a decline in sales to both European and Chinese off-road customers partially offset by increased sales to its NAFTA truck customers. Capital expenditure for the quarter was $456,000.
For the nine months, the company reported net sales increased $3,620,000, or 8.0% to $48,722,000, operating income of $4,956,000, income before income taxes of $4,636,000 and net income of $2,753,000 or $0.36 per diluted share against net sales of $45,102,000, operating income of $3,608,000, income before income taxes of $3,492,000 and net income of $2,373,000 or $0.32 per diluted share for the same period a year ago. EBITDA, which consists of operating income, depreciation and the non-cash charge for stock option expense, contributed $7.1 million in the first nine months of fiscal 2012. Capital expenditure was $958,000. Capital spending was much lower than normal through the first nine months of 2012, mostly due to the timing of projects.
The company also announced its regular quarterly dividend of $0.12 per share payable on August 28, 2012 to stockholders of record as of August 21, 2012.
For the full year 2012, the company anticipates capital spending to be approximately $1.5 million.
Williams Controls Inc. to Report Q3, 2012 Results on Aug 08, 2012
Jul 17 12
Williams Controls Inc. announced that they will report Q3, 2012 results on Aug 08, 2012