Curtiss-Wright [CW] on Wednesday said it has agreed to acquire Teletronics Technology Corporation (TTC), a provider of data acquisition and flight test instrumentation systems primarily for the aerospace and defense industry, for $233 million in cash.
The deal is expected to close in early 2017 pending regulatory approval.
Curtiss-Wright said that TTC is expected to have about $65 million in sales this year and that the acquisition should be accretive to earnings per share in 2017 excluding the effects of purchase accounting. Pennsylvania-based TTC has 225 employees.
The acquisition is in line with Curtiss-Wright’s financial objectives of margin expansion, strong free cash flow, and solid return on invested capital, David Adams, the company’s chairman and CEO, said in a statement.
TTC makes a wide range of products and systems for the aerospace and defense markets, and for commercial and industrial applications. Its products include data acquisition systems and encoders, network products and systems, advanced imaging and video systems, radio frequency and antenna systems, ground support systems and software, and solid state recorders.
“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,” Adams said. “The combination of Curtiss-Wright’s existing capabilities and TTC’s proven track record will allow us to offer our customers best-of-breed platform test equipment through a globally integrated sales channel supporting new platform development, existing platform modifications and upgrades, and facility-specific capital test equipment needs at major testing sites.”
TTC’s products are on more than 140 programs, including the F-35 and F-18 combat fighters, defense flight test centers, spacecraft, missile systems, and commercial and business jets.