In an acquisition that further emphasizes the effort to diversify its holdings, the owner of the iconic Washington Post newspaper is buying Forney Corp., which manufactures industrial boiler and power system equipment, from United Technologies (UTX). Terms of the deal weren’t disclosed, but the purchase is expected to close early next month, the Wall Street Journal notes.
The WPO’s chief executive said that the purchase “fits with our decentralized operating philosophy.” Forney’s current management team will remain in place.
Last year, the WPO acquired a controlling interest in home health care and hospice service provider Celtic Healthcare.
The company is expanding its diversification efforts as circulation and revenue at its core newspaper business continues to plunge.
Shares of the WPO dipped slightly in Thursday morning trading, while United Technologies rose fractionally.