Curtiss-WrightÂ (NYSE: CW)Â has closed its $212.5 million cash acquisition of theÂ Dresser-Rand government business fromÂ SiemensÂ in a move to expand aftermarket support for the U.S. Navy and footprint on the service branchâs nuclear ships.
Dresser-Rand will mainly focus its sales efforts on the naval defense market and will now operate as part of Curtis-Wrightâs power segment following the completion of the deal originally announced in February, the North Carolina-based technology companyÂ said Tuesday.
The business was part ofÂ SiemensÂ Government TechnologiesÂ — the industrial conglomerate’sÂ ‘ U.S. federal subsidiary — and produces steam turbines, engine guard valves, reciprocating compressors and other rotating equipment for the Navyâs shipbuilding programs.
It also provides ship maintenance and repair services to the military branchâs Pacific and Atlantic fleetsÂ through its three service centers.
Curtiss-Wright expects the transaction to be accretive to earnings per share in 2018 and generate free cash flow conversion that exceeds 100 percent.
The acquisition came nearly four years after SiemensÂ purchased Dresser-Rand for approximately $7.6 billion cash.