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.
