Curtiss-Wright Completes Acquisition of WSC, Inc.
02 Avril 2024 - 10:15PM
Business Wire
A Leading Global Supplier of Power Plant
Control Room Simulation Technology to the Commercial Nuclear and
Process Industries
Curtiss-Wright Corporation (NYSE: CW) today announced that it
has completed the acquisition of WSC, Inc. for approximately $34
million in cash. WSC is a leading provider of state-of-the-art
simulation technology that supports the design, commissioning, and
reliable operation of commercial nuclear power generation and
process plants worldwide with an installed base of over 225 plant
simulators.
WSC generated sales of approximately $15 million in 2023 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 in excess of 100%. The acquired business
will operate within Curtiss-Wright's Naval & Power segment.
“The acquisition of WSC increases the breadth of
Curtiss-Wright’s portfolio of advanced commercial nuclear
technologies utilized in the modernization of existing power plants
and design of new power plants such as Advanced Small Modular
Reactors,” said Lynn M. Bamford, Chair and Chief Executive Officer.
“The combination of WSC's solutions, including their simulation and
digital twin capabilities, with Curtiss-Wright's digital safety
systems and advanced condition monitoring technology, will benefit
our customers developing advanced reactors as well as those
optimizing any power or process plant designs. The acquisition also
supports Curtiss-Wright's financial objectives for long-term
profitable growth and strong free cash flow generation.”
WSC’s proprietary 3KEYMASTER™ simulation platform is used in
their nuclear full scope simulators that are mandated by the
Nuclear Regulatory Commission (NRC) and remain integral to reactor
operator training and licensing. Simulation assisted engineering
tools optimize the design and commissioning of plants, to include
Advanced Small Modular Reactors (ASMRs), by creating a digital twin
of plant components and systems to reduce risk, accelerate
delivery, and improve quality at a lower cost. In 2023, WSC was
awarded a contract by TerraPower to support the design and
development of the Natrium sodium fast reactor, and continues to
contribute to the development of other leading ASMR platforms. In
addition, generic simulators are used at universities, regulatory
agencies, training centers and plants to offer classroom-based
training on the operation of nuclear plants under normal and
abnormal conditions. WSC’s simulation capabilities have also proven
beneficial for U.S. Navy nuclear design agencies and shipyards to
enhance the design process of nuclear systems and components for
aircraft carriers and submarines. WSC, which was founded in 1995
and employs approximately 45 people, maintains operations in
Frederick, MD.
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 Davidson, North Carolina, has a
long tradition of providing innovative solutions through trusted
customer relationships. 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 WSC’s technology throughout our existing world-wide
network, and the success of the Company integrating WSC 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240402921844/en/
Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com
Curtiss Wright (NYSE:CW)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Curtiss Wright (NYSE:CW)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024