CHARLOTTE, N.C.--(BUSINESS WIRE)--Curtiss-Wright Corporation (NYSE: CW) today announced that it has completed the acquisition of Teletronics Technology Corporation (TTC) for $233 million in cash. TTC is a leading designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. The acquisition provides increased breadth to Curtiss-Wright’s existing data acquisition product portfolio, as well as geographic expansion and the opportunity to leverage TTC’s domestic presence and Curtiss-Wright’s existing international presence.
The business will operate within Curtiss-Wright's Defense segment and its sales are principally to the aerospace defense market. Further, TTC meets our stated acquisition requirements and is expected to be accretive to Curtiss-Wright’s 2017 earnings per share, excluding the effects of purchase accounting.
TTC is a recognized leader in comprehensive and integrated data acquisition technologies 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. Founded in 1998, TTC employs 225 people and is based in Newtown Pa.
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 continued customer relationships and the terms and conditions associated with those relationships, 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.