A control valve having a valve body (58), seat member, valve member (74), and solenoid (22) including a housing (24), bobbin (26), and coil (28). The valve member (74) has a head portion (78) disposed within the bobbin (26) and a valve portion (80) disposed within the valve body (58) that has a seat engagement member (82) operating to open and close ports (96, 98) in the valve body (58) when the valve member (74) slides between first and second positions. A permanent magnet (122), disposed within the bobbin (26), applies an attractive force (128) of variable magnitude to the valve member (74) in a direction opposing a biasing force (120) created by a biasing component (118). Pulses of electric current applied to the coil (28) change the variable magnitude. The permanent magnet (122) pulls the valve member (74) to the second position when the attractive force (128) is greater than the biasing force (120) and the valve member (74) returns to the first position when the attractive force (128) is less than the biasing force (120).