Curtiss-Wright to Purchase Teletronics for $233M; David Adams Comments

Curtiss-Wright (NYSE: CW) has agreed to purchase Newtown, Pennsylvania-based commercial aerospace and defense systems provider Teletronics Technology Corporation for $233 million.

Curtiss-Wright said Wednesday the acquired data acquisition and comprehensive flight test instrumentation systems manufacturer will commence operations within the former’s defense segment.

“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 Adams, Curtiss-Wright president and CEO.

“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.”

TTC has approximately 225 employees that work with customers in the aerospace defense market, Curtiss-Wright added.

Shares in Curtiss-Wright were up $0.88 to $104.85 as of 10:26 a.m. Eastern time and hit a new 52-week high of $105.04 at 9:50 a.m.

You may also be interested in...

Gil Dussek CEO Gunnison Consulting Group

Gunnison Buys Federal IT Service Management Firm G2SF; Gil Dussek Quoted

Gunnison Consulting Group has acquired Global Solutions & Services Frameworks for an undisclosed sum to expand its information technology service management, mobile computing and cybersecurity capabilities in the federal government services market. “This deal aligns with our modernization strategy and we remain focused on improving critical government programs, while driving long-term innovation to meet evolving customer demands," said Gunnison CEO Gil Dussek.

Telos

Cybersecurity Firm Telos Launches IPO

Telos (Nasdaq: TLS) targeted to raise approximately $254M from the Ashburn, Virginia-based cybersecurity company's initial public offering Thursday, offering 15M shares of common stock with pricing at $17 each.