Brush Engineered Materials announced Tuesday that the company, through its wholly owned subsidiary, Buffalo-based Williams Advanced Materials has entered into an agreement to acquire a New Mexico precious metals company, Academy Corp.

The purchase of Academy Corp., valued at approximately $23 million, is expected to close in January and be financed through internally generated cash and proceeds from the company’s $240 million revolving line of credit.

Based in Albuquerque, Academy Corp. has approximately 150 employees and will operate as a wholly owned subsidiary. It is a leading provider of precious and nonprecious metals and refining services.