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Curtiss-Wright Corporation has announced an agreement to acquire the Safran Aerosystems Arresting Company (SAA) for $240 million. SAA, a leader in aircraft arresting systems with over 5,000 installations across more than 70 countries, generated approximately $70 million in sales in 2021. The acquisition is anticipated to enhance Curtiss-Wright's defense portfolio and will be accretive to earnings in its first year. The deal is expected to close in Q3 2022, pending regulatory approval.
Expected to be accretive to adjusted diluted EPS in the first full year.
SAA’s strong cash flow conversion rate projected to exceed 100%.
Opportunities for revenue growth through foreign military sales.
Negative
None.
A Leading Global Supplier of Mission-Critical, Military Aircraft Arresting Systems
DAVIDSON, N.C.--(BUSINESS WIRE)--
Curtiss-Wright Corporation (NYSE: CW) today announced that it has entered into an agreement to acquire the assets that comprise the Safran Aerosystems Arresting Company (SAA) for $240 million in cash. SAA is a designer and manufacturer of aircraft emergency arresting systems with more than 5,000 systems worldwide and currently sells into more than 70 countries.
SAA generated sales of approximately $70 million in 2021 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 well in excess of 100%. The acquired business will operate within Curtiss-Wright's Naval & Power segment.
“The acquisition of the Safran arresting systems business increases the breadth of our global defense portfolio and firmly establishes Curtiss-Wright as a leading global supplier of fixed-wing aircraft recovery and arresting systems,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. "SAA’s technologies are a logical extension to our existing helicopter landing and recovery systems. The combination provides an opportunity to leverage our long-standing relationships with leading defense customers supporting critical defense platforms, such as the F-35, and is expected to yield significant opportunities for revenue growth, including increased foreign military sales.”
“Building on our successful acquisition track record, SAA’s critical safety systems have a strong alignment to our strategic priorities as highlighted at our 2021 investor day.”
Through its predecessor companies, SAA created the first aircraft arresting system in 1960. Today, its diverse product portfolio includes energy absorbers, including the BAK-12 multiple disc mechanical brake system, retractable hook cable systems, net-stanchion systems and mobile systems to support aircraft carrier and fixed land-based arresting systems. In addition to being a world leader in land-based military arresting systems, SAA also supplies the mechanical braking module for the Advanced Arresting Gear (AAG) used on the U.S. Navy’s Ford-class aircraft carrier program. SAA’s aftermarket business, which is supported by the world’s largest installed base of arresting systems, provides cradle-to-grave support from civil engineering at installation, on-site qualification through post-installation maintenance, spares, and overhaul services.
SAA, which employs nearly 140 people, is based in Aston, Pa., and also maintains operations in Merpins, France. The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and other closing conditions.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the Aerospace and Defense markets, and to the Commercial markets including Power, Process and General Industrial. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,200 people worldwide. 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 Safran’s technology throughout our existing world-wide network, and the success of the Company integrating the Safran Aerosystems Arresting Company 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.
