Curtiss-Wright Acquires Nuclear Power Services for Approximately $8M
Curtiss-Wright Corporation (NYSE: CW) today announced that it has completed the acquisition of the assets of Nuclear Power Services Inc. (NPSI) for approximately CAD 9.0 million (approximately $8.0 million) in cash. NPSI is a leading supplier of products and services to the Canadian nuclear market. The acquired company will operate within Curtiss-Wright's Energy segment.
"The acquisition of NPSI expands our nuclear manufacturing and test operations by providing an enhanced channel to the international fleet of Canadian-designed nuclear power plants," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "Further, NPSI strengthens our leadership position in the areas of equipment qualification and Commercial Grade Dedication (CGD) services, where we expect to leverage the synergies that exist between our existing equipment testing businesses. Once again, this transaction is consistent with our stated acquisition strategy to target smaller, strategic, bolt-on companies, while enhancing our overall operating margins over time. It also builds on Curtiss-Wright's versatile and powerful nuclear infrastructure focused on providing solutions for operating reactors throughout the world."
Founded in 2000, NPSI operates an equipment manufacturing and test facility in Canada. The facility provides replacement equipment, aftermarket parts and testing services that improve the safety, reliability and extend the life of operating nuclear power plants. NPSI's customers include both the owner/operators of nuclear power plants and the original equipment manufacturers (OEMs) who supply critical components to the nuclear industry.
NPSI has approximately 20 employees and is expected to generate sales of approximately $5 million in 2014.
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 10,000 people worldwide. For more information, visit www.curtisswright.com.
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