CHARLOTTE, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) today announced that it has entered into a definitive stock purchase agreement to acquire Teletronics Technology Corporation (TTC) for $233 million in cash. TTC, a private company, is a leading designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. The acquired business will operate within Curtiss-Wright's Defense segment and is expected to be accretive to 2017 earnings per share excluding the effects of purchase accounting.
"The acquisition of TTC will yield significant opportunities for growth by increasing the breadth of our data acquisition product portfolio while simultaneously providing greater penetration into our existing markets,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “The combination of Curtiss-Wright’s existing capabilities and TTC’s proven track record will allow us to offer our customers best-of-breed platform test equipment through a globally integrated sales channel supporting new platform development, existing platform modifications and upgrades, and facility-specific capital test equipment needs at major testing sites. Further, consistent with our stated acquisition strategy, this transaction is expected to support our long-term financial objectives of margin expansion, strong free cash flow and solid return on invested capital.”
Founded in 1998, TTC is a recognized leader in comprehensive and integrated data acquisition through telemetry systems that include data analysis units, sensors, transmitters, receivers, and ground station analysis tools to measure, record, transmit, and analyze aircraft and munitions parameters during test flights. TTC has broad exposure on more than 140 programs, including high-performance military aircraft such as the F-35 and F-18, major defense flight test centers, spacecraft, missile programs, and commercial and business jets. Key products include data acquisition units, recorders, network products, RF networks, airborne transmitters and receivers, and telemetry expansion cards.
Headquartered in Newtown Pa., TTC has approximately 225 employees and is expected to generate sales of approximately $65 million in 2016, principally to the aerospace defense market. The acquisition is expected to close in early 2017, subject to the receipt of regulatory approval and other closing conditions.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,400 people worldwide. For more information, visit www.curtisswright.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 that are based on management's beliefs and assumptions. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future opportunities associated with the acquisition, the success of transferring Teletronics’ technology throughout our existing world-wide network, and the success of the Company integrating Teletronics into its Defense segment are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities Exchange Act of 1934, as amended, for further information.