Curtiss-Wright to Acquire Ultra Energy
03 June 2024 - 11:00PM
Business Wire
A Leading Global Provider of Safety-Critical
Measurement and Control Systems to the Commercial Nuclear and
Aerospace & Defense Markets
Curtiss-Wright Corporation (NYSE: CW) today announced that it
entered into an agreement to acquire the stock of Ultra Nuclear
Limited and Weed Instrument Co., Inc. (“Ultra Energy”), a
subsidiary of Ultra Electronics, for $200 million in cash. Ultra
Energy is a leading designer and manufacturer of reactor protection
systems, neutron monitoring systems, radiation monitoring systems,
and temperature and pressure sensors that facilitate the safe and
reliable operation of commercial nuclear power generation plants,
and support UK nuclear defense, as well as aerospace and industrial
applications.
Ultra Energy generated sales of approximately $65 million in
2023 and is expected to be accretive to Curtiss-Wright's adjusted
diluted earnings per share in its first full year of ownership,
excluding first year purchase accounting costs, and produce a
strong free cash flow conversion rate in excess of 100%. The
acquisition is expected to close in the third quarter of 2024,
subject to UK regulatory approval, and the acquired business will
operate within Curtiss-Wright's Naval & Power segment.
“The acquisition of Ultra Energy significantly increases the
breadth of Curtiss-Wright’s global portfolio with highly
complementary, critical measurement and control solutions
supporting the modernization of existing commercial nuclear power
plants, as well as the design of new and advanced power plants
including small modular reactors, in both the U.S. and Europe,”
said Lynn M. Bamford, Chair and Chief Executive Officer. “The
transaction provides an opportunity to leverage Ultra Energy’s
relationships and UK-based nuclear manufacturing footprint to
further expand Curtiss-Wright's presence with the leading global
designers of advanced nuclear reactors as well as our robust naval
defense portfolio to support UK submarines.”
“Building on our successful acquisition track record, Ultra
Energy’s critical solutions have a strong alignment to our
strategic priorities as highlighted at our 2024 Investor Day.
Further, the business is expected to support Curtiss-Wright's
financial objectives including long-term profitable growth and
strong free cash flow generation.”
Through its predecessor companies, Ultra Energy’s roots date
back to the mid-1950s as a specialist in neutron monitoring and the
late-1960s as a manufacturer of temperature and pressure sensors.
Today, its diverse portfolio includes neutron monitoring for
measuring reactor power and safety management, radiation monitoring
for plant safety, reactor protection systems to constantly monitor
plant conditions, and highly accurate temperature and pressure
sensors.
Ultra Energy employs approximately 300 people and maintains
primary operations in Wimborne, UK, and Round Rock, TX. Ultra
Energy is a subsidiary of Ultra Electronics, formerly a UK-traded
public company.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global integrated
business that provides highly engineered products, solutions and
services mainly to Aerospace & Defense markets, as well as
critical technologies in demanding Commercial Power, Process and
Industrial markets. We leverage a workforce of approximately 8,600
highly skilled employees who develop, design and build what we
believe are the best engineered solutions to the markets we serve.
Building on the heritage of Glenn Curtiss and the Wright brothers,
Curtiss-Wright, headquartered in Davidson, North Carolina, has a
long tradition of providing innovative solutions through trusted
customer relationships. For more information, visit
www.curtisswright.com.
This press release contains forward-looking statements made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995 that are based on management's
beliefs and assumptions. Such statements, including statements
relating to Curtiss-Wright Corporation's expectations for the
future opportunities associated with the acquisition, the success
of transferring Ultra Energy’s technology throughout our existing
world-wide network, and the success of the Company integrating
Ultra Energy into its Naval & Power segment are not considered
historical facts and are considered forward-looking statements
under the federal securities laws. Such forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those expressed or
implied. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Such risks and uncertainties include, but are not limited to: a
reduction in anticipated orders; an economic downturn; changes in
competitive marketplace and/or customer requirements; a change in
US government spending; an inability to perform customer contracts
at anticipated cost levels; and other factors that generally affect
the business of aerospace, defense contracting, marine, electronics
and industrial companies. Please refer to the Company's current SEC
filings under the Securities Exchange Act of 1934, as amended, for
further information.
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version on businesswire.com: https://www.businesswire.com/news/home/20240603867484/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
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