Curtiss-Wright To Acquire Teletronics Technology For $233 Mln In Cash

(RTTNews) - Curtiss-Wright Corp. (CW) Wednesday announced a definitive stock purchase agreement to acquire Teletronics Technology Corp. or TTC for $233 million in cash. The acquisition is expected to be accretive to 2017 earnings per share excluding the effects of purchase accounting.

TTC is a privately held designer and manufacturer of high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications. On completion of the acquisition TTC will be part of Curtiss-Wright's Defense segment.

David Adams, chairman and CEO of Curtiss-Wright said, "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."

Headquartered in Newtown Pa., TTC has approximately 225 employees and is expected to generate sales of approximately $65 million in 2016. The acquisition is expected to close in early 2017, subject to the receipt of regulatory approval and other closing conditions.

In a separate announcement, Curtiss-Wright said its Board has authorized an additional $100 million for future share repurchases, raising total authorized and available capital for share repurchases to $200 million. The Company plans to repurchase at least $50 million in shares in 2017 beginning in January.

The Company expects to complete the current $100 million share repurchase program in 2016.