Curtiss-Wright Corporation has finalized its $240 million, all-cash purchase of fixed-wing aircraft emergency system manufacturer Safran Aerosystems Arresting Company.
The acquisition is positioned to expand the market reach of Curtiss-Wright’s services, given that SAA conducts the majority of its business internationally, including to many NATO allies, the Davidson, North Carolina-headquartered company said Tuesday.
Lynn Bamford, CEO and president of Curtiss-Wright, shared that the buy bolsters the company’s ability to meet defense clients’ needs for the maintenance of equipment such as the F-35 and said SAA’s offerings are “a logical extension to our existing helicopter landing and recovery systems.”
“SAA’s critical safety systems have a strong alignment to our strategic priorities,” Bamford, who is a previous recipient of the Wash100 Award, concluded.
With over 5,000 systems produced for customers in over 70 countries, SAA brings an established track record of global sales to Curtiss-Wright. The former company is also historically significant for its development of the premier aircraft arresting system in 1960. In addition to this technology, SAA’s team furnishes aircrafts with energy absorbers, retractable hook cable systems and net-stanchion systems, as well as mobile systems for aircraft carriers.
Through the acquisition, Curtiss-Wright is gaining SAA’s staff of almost 140 and production facilities in Aston, Pennsylvania and Merpins, France. It will be absorbed by Curtiss-Wright’s Naval & Power business arm and is aimed to ameliorate revenue — SAA’s 2021 sales amounted to around $70 million and its accretive addition to Curtiss-Wright’s adjusted diluted earnings per share is expected to result in a free cash flow conversion rate that exceeds 100 percent.
The completion of the SAA acquisition follows Curtiss-Wright’s appointment of Bamford to chair its board in May, succeeding David Adams.