- Curtiss-Wright Corp (NYSE:CW) has agreed to acquire the assets that comprise the Safran Aerosystems Arresting Company (SAA) for $240 million in cash.
- SAA is a designer and manufacturer of aircraft emergency arresting systems with over 5,000 systems worldwide and currently sells to more than 70 countries. It generated sales of ~$70 million in FY21.
- SAA, which employs nearly 140 people, is based in Aston, Pennsylvania, and also has operations in Merpins, France.
- Curtiss-Wright expects the transaction to be accretive to its adjusted EPS in the first full year of ownership, excluding purchase accounting costs, and produce a solid free cash flow conversion rate well over 100%.
- The acquired business will operate within Curtiss-Wright’s Naval & Power segment. The acquisition is expected to close in 3Q22.
- “The acquisition of the Safran arresting systems business increases the breadth of our global defense portfolio and firmly establishes Curtiss-Wright as a leading global supplier of fixed-wing aircraft recovery and arresting systems,” said CEO Lynn Bamford.
- Curtiss-Wright held cash and equivalents of $234.42 million as of September 30, 2021.
- Price Action: CW shares traded higher by 1.87% at $138.95 on the last check Friday.
DHC Merger Partner Glorifi Publicly Announced That Its Board And Leadership Have Begun Process Of Winding Down Glorifi’s Operations
As previously announced, on July 25, 2022, DHC Acquisition Corp ("DHC") entered into a Business Combination Agreement and Plan of Reorganization, by and among DHC, Glory Merger Subsidiary Corp., a Delaware corporation and a direct wholly owned subsidiary of DHC and With Purpose, Inc. (d/b/a GloriFi, Inc.) a Delaware corporation ("GloriFi").
