Curtiss-Wright said Tuesday it will operate Dresser-Rand as part of its power segment and expects to close the acquisition in April, subject to regulatory approval and other customary closing conditions.
“The acquisition of Dresser-Rand™s government business portfolio significantly expands our shipset content and increases our footprint on new U.S. Navy Nuclear vessels, establishes a prominent Curtiss-Wright presence at U.S. Navy shipyards, and provides an opportunity to grow our existing U.S. Navy aftermarket business, said David Adams, Curtiss-Wright chairman and CEO.
Dresser-Rand is a Siemens Government Technologies business unit that designs and produces steam turbines, reciprocating compressors, engine guard valves and other rotating equipment for the Navy™s shipbuilding programs such as Ford-class and Nimitz-class aircraft carriers as well as Columbia– and Virginia-class submarines.
The business also manufactures and supplies Terry steam turbine feedwater pumps to the commercial nuclear power sector.
Dresser-Rand, which has approximately 150 employees, runs three service centers that provide ship maintenance and repair services to the Navy™s Pacific and Atlantic fleets and is expected to record approximately $95 million in fiscal 2018 sales.
Curtiss-Wright said it expects the deal to be accretive to earnings per share in 2018 and generate free cash flow conversion that exceeds 100 percent.
Siemens acquired Dresser-Rand in 2014 for approximately $7.6 billion cash.
Nine companies win spots on Navy unmanned systems contract Work covers design, testing, deployment and sustainment support Autonomous maritime platforms…
Anthropic reportedly explores massive new funding round Anthropic deepens focus on AI-driven cyber defense and national security Its growth highlights…
Curtiss-Wright (NYSE: CW) has agreed to buy Siemens™ Dresser-Rand government business through a $212.5 million cash transaction.
