Curtiss-Wright to Acquire Ultra Energy
June 3, 2024 | Curtiss-Wright CorporationEstimated reading time: 2 minutes
Curtiss-Wright Corporation announced that it entered into an agreement to acquire the stock of Ultra Nuclear Limited and Weed Instrument Co., Inc., a subsidiary of Ultra Electronics, for $200 million in cash. Ultra Energy is a leading designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors that facilitate the safe and reliable operation of commercial nuclear power generation plants, and support UK nuclear defense, as well as aerospace and industrial applications.
Ultra Energy generated sales of approximately $65 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 acquisition is expected to close in the third quarter of 2024, subject to UK regulatory approval, and the acquired business will operate within Curtiss-Wright's Naval & Power segment.
“The acquisition of Ultra Energy significantly increases the breadth of Curtiss-Wright’s global portfolio with highly complementary, critical measurement and control solutions supporting the modernization of existing commercial nuclear power plants, as well as the design of new and advanced power plants including small modular reactors, in both the U.S. and Europe,” said Lynn M. Bamford, Chair and Chief Executive Officer. “The transaction provides an opportunity to leverage Ultra Energy’s relationships and UK-based nuclear manufacturing footprint to further expand Curtiss-Wright's presence with the leading global designers of advanced nuclear reactors as well as our robust naval defense portfolio to support UK submarines.”
“Building on our successful acquisition track record, Ultra Energy’s critical solutions have a strong alignment to our strategic priorities as highlighted at our 2024 Investor Day. Further, the business is expected to support Curtiss-Wright's financial objectives including long-term profitable growth and strong free cash flow generation.”
Through its predecessor companies, Ultra Energy’s roots date back to the mid-1950s as a specialist in neutron monitoring and the late-1960s as a manufacturer of temperature and pressure sensors. Today, its diverse portfolio includes neutron monitoring for measuring reactor power and safety management, radiation monitoring for plant safety, reactor protection systems to constantly monitor plant conditions, and highly accurate temperature and pressure sensors.
Ultra Energy employs approximately 300 people and maintains primary operations in Wimborne, UK, and Round Rock, TX. Ultra Energy is a subsidiary of Ultra Electronics, formerly a UK-traded public company.
Suggested Items
Intel Unlocks New Laptop Efficiency with Speed
09/04/2024 | IntelThe laptop improvement people ask for the most – you can probably guess – is better battery life. Nobody enjoys hunting for power outlets in airports.
AIM to Present on Ultra-Miniature Assembly for Mini/MicroLEDs at MicroLED Connect
09/03/2024 | AIMAIM Solder, a leading global manufacturer of solder assembly materials for the electronics industry, is pleased to announce its participation in the upcoming MicroLED Connect Conference and Exhibition taking place September 25-26 in the Conference Center at High Tech Campus Eindhoven in The Netherlands.
OKI Sets Up New PCB Manufacturing Line for Semiconductor Manufacturing and Testing Equipment at Joetsu Plant
08/20/2024 | BUSINESS WIREThe OKI Group PCB business company OKI Circuit Technology has set up a new ultra-high-multilayer PCB line at the Joetsu Plant in Joetsu City, Niigata Prefecture, with full-scale operations commencing in July.
ROHM Develops the Industry's Smallest CMOS Op Amp Optimized for Smartphones and Compact IoT Devices
08/02/2024 | Globe NewswireROHM Semiconductor today announced the TLR377GYZ, an ultra-compact 1.8V-5V, rail-to-rail CMOS operational amplifier (op amp), optimized for amplifying signals from sensors such as temperature, pressure, flow rate, used in smartphones, small IoT devices, and similar applications.
Ultra Librarian, Footprintku AI Partner to Bring DFM to the EDA CAD Library
07/30/2024 | Ultra LibrarianUltra Librarian, an Accelerated Designs brand and the world's largest online CAD library with over 16 million parts and counting, is pleased to announce a strategic partnership with Footprintku AI, the leader in DFM-aware CAD library development.