Aerospace and defense supplier Curtiss-Wright Corp. says that it will buy sensor and throttle control systems maker Williams Controls Inc. in a deal worth about $119 million.
Curtiss-Wright agrees to pay $15.42 per share for Williams Controls, a premium of 41.3% to the stock's closing price on Wednesday.
Curtiss-Wright is based in Parsippany, NJ, and it expects about $2.1 billion in revenue in 2012.
Williams Controls shares rose $4.46, or 41%, to $15.37 in afternoon trading. The Portland, OR, company's stock last traded at those prices in March 2008.
Curtiss-Wright gained 82 cents, or 2.7%, to $31.69.
Edited from the Associated Press.