Newtown, PA – January 3, 2017 – Curtiss-Wright Corporation (NYSE: CW) today announced that it has completed its previously announced acquisition of Teletronics Technology Corporation (“TTC”) for $233 million in cash. TTC, a private company, is a leading designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. The acquired business will operate within Curtiss-Wright’s Defense segment.
“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,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “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. Further, consistent with our stated acquisition strategy, this transaction is expected to support our long-term financial objectives of margin expansion, strong free cash flow and solid return on invested capital.”
Founded in 1998 and headquartered in Newtown, Pennsylvania, TTC is a recognized leader in comprehensive and integrated data acquisition through telemetry systems that include data analysis units, sensors, transmitters, receivers, and ground station analysis tools to measure, record, transmit, and analyze aircraft and munitions parameters during test flights. TTC has broad exposure on more than 140 programs, including high-performance military aircraft such as the F-35 and F-18, major defense flight test centers, spacecraft, missile programs, and commercial and business jets. Key products include data acquisition units, recorders, network products, RF networks, airborne transmitters and receivers, and telemetry expansion cards.
“We are excited about this next chapter in the life of our business,” said Mansour Radmand, TTC’s President and Chief Executive Officer. “Becoming part of Curtiss-Wright will give our customers and our employees the benefit of a robust, industry-leading business platform.”
According to Andrew T. Greenberg, Managing Director of Fairmount Partners: “This transaction is recognition of the singular quality and reputation associated with the TTC name, and the extraordinary value created by the company’s principals over the past 18 years.”
Fairmount Partners served as the exclusive financial advisor to TTC. The Company was also advised by Duane Morris LLP (legal), Kreischer Miller (accounting) and Fairmont Consulting Group (vendor due diligence / consulting).
About Teletronics Technology Corporation
TTC is the world’s leading total system solution provider for defense and commercial aerospace test applications. TTC provides a wide range of high-performance, reliable, modular, programmable, miniaturized and resilient Commercial Off The Shelf (“COTS”) hardware and software products. Its products are the ideal solution for customers’ instrumentation, telemetry, display and control, communications, recording and network-based data acquisition applications. At the time of this announcement, TTC has approximately 225 employees and is expected to generate sales of approximately $65 million in 2016, principally to the aerospace defense market.
For additional information, please visit www.ttcdas.com.
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 commercial, industrial, defense and energy markets. 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 8,400 people worldwide. For more information, visit www.curtisswright.com.
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount has completed more than 175 transactions throughout North and South America, Europe, Asia and Australia. For more information, please visit: www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to Teletronics Technology Corporation in this transaction.