Apr 3, 2018
Curtiss-Wright Corporation (NYSE: CW) today announced that it has completed the acquisition of the Dresser-Rand Government Business (Dresser-Rand), 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. Dresser-Rand is a leading designer and manufacturer of mission-critical, high-speed rotating equipment solutions, including reciprocating compressors, steam turbines and steam system valves, supporting most major U.S. Navy shipbuilding programs. In addition, Dresser-Rand is the sole supplier of steam turbines and main engine guard valves on all aircraft carrier programs.
The acquisition significantly increases Curtiss-Wright’s footprint on U.S. Navy Nuclear vessels, expands our existing U.S. Navy aftermarket business and provides an opportunity to leverage Dresser-Rand’s prominent presence at U.S. Navy shipyards. Through its three service centers, it is a leading provider of ship repair and maintenance for the U.S. Navy’s Atlantic and Pacific fleets.
The business will operate within Curtiss-Wright's Power segment and its sales are principally to the naval defense market, with additional sales to the power generation market. The acquisition supports our long-term financial objectives for increased sales growth, margin expansion and strong free cash flow generation. Excluding the effects of purchase accounting, it is expected to be accretive to Curtiss-Wright's 2018 earnings per share and produce a free cash flow conversion in excess of 100%.
By Type (Weapon Systems, Communication and Surveillance Systems, Sensors and Computation Systems, Countermeasure Systems and Payload, Unmanned Underwater Vehicles), By Mode of Operation (Manned Operations, Autonomous Operations, Remotely Operations), By Application (Combat, C4ISR, Others), By Region, Competition, 2019-2029F
Download free sample pagesDresser-Rand equipment is used on hundreds of U.S. Navy ships to provide power and compression for propulsion, pump drives, ship service air, oxygen/nitrogen (O2N2) feed air, generator drives, and deballasting. The service centers primarily focus on overhauls of Dresser-Rand legacy equipment, emergent U.S. Navy shipyard repair needs and global service work pursuant to several key OEM service agreements. Dresser also produces the Terry©-branded steam turbine feedwater pumps for the commercial nuclear power market. The Dresser-Rand government business employs approximately 150 people.
