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Curtiss-Wright Completes Acquisition of Ultra Energy
January 3, 2025 | BUSINESS WIREEstimated reading time: 1 minute
Curtiss-Wright Corporation announced that it has completed the acquisition of Ultra Nuclear Limited and Weed Instrument Co., Inc. (“Ultra Energy”) for $200 million in cash. Ultra Energy is a leading global provider of safety-critical measurement and control systems to the Commercial Nuclear and Aerospace & Defense markets.
The business designs and manufactures reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors that facilitate the safe and reliable operation of commercial nuclear reactors and other power generation plants. It also provides support to the legacy UK nuclear submarine fleet, as well as current and next-generation ship designs.
In alignment with our strategic priorities highlighted at our 2024 Investor Day, the acquisition of Ultra Energy increases the breadth of Curtiss-Wright’s global commercial nuclear portfolio with highly complementary measurement and control solutions supporting plant life extensions and modernization projects of aging power plants and further expands our presence with the leading global designers of small modular reactors, both in the U.S. and Europe.
The acquisition also supports Curtiss-Wright's long-term financial objectives for profitable growth and strong free cash flow generation. 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 business will operate within Curtiss-Wright's Naval & Power segment.
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.
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