Curtiss-Wright Completes Acquisition of Ultra Energy
Curtiss-Wright (NYSE: CW) has completed the acquisition of Ultra Energy for $200 million in cash. Ultra Energy is a leading provider of safety-critical measurement and control systems for Commercial Nuclear and Aerospace & Defense markets, with sales of approximately $65 million in 2023.
The acquisition enhances Curtiss-Wright's global commercial nuclear portfolio with complementary measurement and control solutions supporting plant life extensions and modernization projects. It also expands their presence with leading small modular reactor designers in the U.S. and Europe.
Ultra Energy employs about 300 people with operations in Wimborne, UK, and Round Rock, TX. The business will operate within Curtiss-Wright's Naval & Power segment and is expected to be accretive to adjusted diluted earnings per share in its first full year, with a free cash flow conversion rate exceeding 100%.
Curtiss-Wright (NYSE: CW) ha completato l'acquisizione di Ultra Energy per 200 milioni di dollari in contante. Ultra Energy è un fornitore leader di sistemi di misurazione e controllo critici per la sicurezza per i mercati nucleari commerciali e aerospaziali e della difesa, con vendite di circa 65 milioni di dollari nel 2023.
L'acquisizione potenzia il portafoglio nucleare commerciale globale di Curtiss-Wright con soluzioni complementari di misurazione e controllo a supporto delle estensioni della vita degli impianti e dei progetti di modernizzazione. Espande anche la loro presenza con i principali progettisti di reattori modulari di piccole dimensioni negli Stati Uniti e in Europa.
Ultra Energy impiega circa 300 persone con operazioni a Wimborne, Regno Unito, e Round Rock, TX. L'azienda opererà all'interno del segmento Navale & Power di Curtiss-Wright e si prevede che abbia un impatto positivo sugli utili diluiti per azione nel suo primo anno completo, con un tasso di conversione del flusso di cassa libero superiore al 100%.
Curtiss-Wright (NYSE: CW) ha completado la adquisición de Ultra Energy por 200 millones de dólares en efectivo. Ultra Energy es un proveedor líder de sistemas de medición y control críticos para la seguridad en los mercados de energía nuclear comercial y aeroespacial y de defensa, con ventas de aproximadamente 65 millones de dólares en 2023.
La adquisición mejora el portafolio global de energía nuclear comercial de Curtiss-Wright con soluciones complementarias de medición y control que apoyan la prolongación de la vida útil de las plantas y los proyectos de modernización. También amplía su presencia con los principales diseñadores de reactores modulares pequeños en EE. UU. y Europa.
Ultra Energy emplea a unas 300 personas con operaciones en Wimborne, Reino Unido, y Round Rock, TX. El negocio operará dentro del segmento Naval & Power de Curtiss-Wright y se espera que sea positivo para las ganancias ajustadas diluidas por acción en su primer año completo, con una tasa de conversión de flujo de caja libre superior al 100%.
Curtiss-Wright (NYSE: CW)는 Ultra Energy를 2억 달러에 현금으로 인수했음을 발표했습니다. Ultra Energy는 상업용 핵 및 항공 우주 및 방위 시장을 위한 안전 필수 측정 및 제어 시스템의 선도적인 공급업체로, 2023년에는 약 6500만 달러의 매출을 기록하고 있습니다.
이번 인수는 Curtiss-Wright의 글로벌 상업 핵 포트폴리오를 보완하는 측정 및 제어 솔루션을 제공하여 발전소의 수명 연장 및 현대화 프로젝트를 지원합니다. 또한 미국과 유럽의 주요 소형 모듈형 원자로 설계자들과의 존재감을 확대합니다.
Ultra Energy는 영국 Wimborne와 텍사스주 Round Rock에서 약 300명의 직원을 고용하고 있습니다. 이 회사는 Curtiss-Wright의 해군 및 전력 부문에서 운영될 것이며, 첫 해 전체 동안 조정된 희석 주당 이익에 기여할 것으로 예상되며, 자유 현금 흐름 전환율이 100%를 초과할 것으로 보입니다.
Curtiss-Wright (NYSE: CW) a finalisé l'acquisition de Ultra Energy pour 200 millions de dollars en espèces. Ultra Energy est un fournisseur leader de systèmes de mesure et de contrôle critiques pour la sécurité sur les marchés de l'énergie nucléaire commerciale et de l'aérospatial et de la défense, avec un chiffre d'affaires d'environ 65 millions de dollars en 2023.
Cette acquisition renforce le portefeuille nucléaire commercial mondial de Curtiss-Wright avec des solutions de mesure et de contrôle complémentaires soutenant les extensions de durée de vie des installations et les projets de modernisation. Elle élargit également leur présence auprès des principaux concepteurs de réacteurs modulaires de petite taille aux États-Unis et en Europe.
Ultra Energy emploie environ 300 personnes avec des opérations à Wimborne, au Royaume-Uni, et à Round Rock, TX. L'entreprise opérera au sein du segment Naval & Power de Curtiss-Wright et devrait avoir un impact positif sur les bénéfices ajustés par action pour sa première année complète, avec un taux de conversion de flux de trésorerie disponible dépassant 100 %.
Curtiss-Wright (NYSE: CW) hat die Übernahme von Ultra Energy für 200 Millionen US-Dollar in bar abgeschlossen. Ultra Energy ist ein führender Anbieter von sicherheitskritischen Mess- und Regelungssystemen für die kommerzielle Kernenergie sowie für die Luft- und Raumfahrt- und Verteidigungsmärkte, mit einem Umsatz von etwa 65 Millionen US-Dollar im Jahr 2023.
Die Übernahme verbessert das globale kommerzielle Kernenergieportfolio von Curtiss-Wright durch ergänzende Mess- und Regelungslösungen, die die Lebensdauerverlängerung und Modernisierungsprojekte von Anlagen unterstützen. Zudem erweitert sie deren Präsenz bei führenden Anbietern von kleinen modularen Reaktoren in den USA und Europa.
Ultra Energy beschäftigt etwa 300 Mitarbeiter mit Betrieben in Wimborne, Großbritannien, und Round Rock, TX. Das Unternehmen wird im Naval & Power-Segment von Curtiss-Wright tätig sein und wird voraussichtlich im ersten vollen Jahr einen positiven Einfluss auf den bereinigten verwässerten Gewinn pro Aktie haben, wobei die Konversionsrate des freien Cashflows 100 % übersteigen wird.
- Acquisition price of $200 million fully paid in cash, demonstrating strong financial position
- Ultra Energy's $65 million in annual sales (2023)
- Expected to be accretive to earnings in first full year
- Projected free cash flow conversion rate over 100%
- Strategic expansion into complementary nuclear safety and control systems
- Enhanced market presence in small modular reactor sector
- First-year earnings will be impacted by purchase accounting costs
Insights
The
The acquisition's promise of accretive earnings in the first full year (excluding purchase accounting costs) and >
Ultra Energy's specialized nuclear safety systems and monitoring solutions position CW advantageously in both the plant life extension market and the emerging small modular reactor (SMR) sector, which is projected to reach
Ultra Energy's acquisition significantly strengthens Curtiss-Wright's position in critical nuclear safety systems. The company's reactor protection systems and neutron monitoring capabilities are essential for both existing nuclear fleet maintenance and next-generation SMR developments. With aging nuclear plants requiring modernization and safety upgrades, Ultra Energy's expertise in safety-critical measurement systems addresses a growing market need.
The acquisition's timing aligns perfectly with the nuclear industry's dual focus on extending the life of existing plants while developing new SMR technologies. Ultra Energy's presence in both the U.S. and European markets is particularly valuable as these regions lead in SMR development and nuclear fleet modernization. Their legacy involvement with the UK nuclear submarine fleet also provides valuable defense sector synergies.
For investors unfamiliar with nuclear technology, think of Ultra Energy's systems as the vital signs monitors and safety controls of a nuclear power plant - essential for safe operation and regulatory compliance. Their neutron monitoring systems are particularly crucial, serving as the 'eyes' that continuously watch reactor power levels to ensure safe operation.
The business designs and manufactures reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors that facilitate the safe and reliable operation of commercial nuclear reactors and other power generation plants. It also provides support to the legacy
In alignment with our strategic priorities highlighted at our 2024 Investor Day, the acquisition of Ultra Energy increases the breadth of Curtiss-Wright’s global commercial nuclear portfolio with highly complementary measurement and control solutions supporting plant life extensions and modernization projects of aging power plants and further expands our presence with the leading global designers of small modular reactors, both in the
The acquisition also supports Curtiss-Wright's long-term financial objectives for profitable growth and strong free cash flow generation. Ultra Energy generated sales of approximately
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,
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
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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 2024 financial forecast for Ultra Energy, 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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Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com
Source: Curtiss-Wright Corporation
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