logo
Plus   Neg
Share
Email

Curtiss-Wright To Buy Dresser-Rand Government Business

Curtiss-Wright Corp. (CW) said that it agreed to acquire the assets that comprise the Dresser-Rand Government Business, a business unit of Siemens Government Technologies which is a wholly-owned U.S. subsidiary of Siemens AG in Germany, for $212.5 million in cash.

Curtiss-Wright noted that the acquired business will operate within Curtiss-Wright's Power segment, and is expected to be accretive to 2018 earnings per share and produce a free cash flow conversion in excess of 100%, excluding the effects of purchase accounting.

Dresser-Rand is a designer and manufacturer of mission-critical, high-speed rotating equipment solutions, including reciprocating compressors, steam turbines and steam system valves, supporting Nimitz-class and Ford-class aircraft carriers, Virginia-class and Columbia-class submarines, and most major U.S. Navy shipbuilding programs.

Dresser-Rand is the sole supplier of steam turbines and main engine guard valves on all aircraft carrier programs. Through its three service centers, it is also a leading provider of ship repair and maintenance for the U.S. Navy's Atlantic and Pacific fleets.

The Dresser-Rand government business, which employs approximately 150 people, is expected to generate sales of approximately $95 million in fiscal 2018, principally to the naval defense market, with additional sales to the power generation market.

The acquisition is expected to close in April 2018, subject to the receipt of regulatory approval and other closing conditions.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Auto giant General Motors' (GM) Chevrolet unveiled its new stunning Corvette Stingray 2020. Stingray 2020, the eighth generation of the Chevrolet Corvette, has received the biggest change since its initial launch in 1953. The new 2020 Corvette is a mid-engine vehicle, which is its engine is behind... Amazon.com's Prime Day has brought a smile to the face of some photographers who may have grabbed their best deals of their lives. The e-commerce giant accidentally discounted a wide range of premium camera gear for Prime Day earlier this week, which may have proved costly for it. Thanks to a pricing error, some lucky customers were able to buy premium camera gear bundles for below $100. Women's clothing chain Dress Barn Inc. said it started store-closing or inventory clearance event sales at the 53 stores it plans to close by the end of August. The company expects to close all its stories by end of 2019. It also released a list of the nine stores closing in July and the stores closing in August. Dressbarn has hired Gordon Brothers Retail Partners to help with the store closures.
Follow RTT