Curtiss-Wright Corp. announced its intention to acquire the assets of the Dresser-Rand Government Business, a leading supplier of high-speed rotating components and equipment used in many U.S. Navy aircraft and sea vessels. Dresser-Rand is a business unit of Siemens Government Technologies, a wholly owned U.S. subsidiary of Siemens AG (located in Germany). The transaction will take place for $212.5 million in cash. The acquired unit will operate as part of the power segment of Curtiss-Wright.
“The acquisition of Dresser-Rand’s government business portfolio significantly expands our shipset content and increases our footprint on new U.S. Navy Nuclear vessels, establishes a prominent Curtiss-Wright presence at U.S. Navy shipyards, and provides an opportunity to grow our existing U.S. Navy aftermarket business,” says David C. Adams, Chairman and CEO of Curtiss-Wright Corp. Dresser-Rand designs and produces high-speed rotating components and systems, including reciprocating compressors, steam turbines, and steam system valves. The hardware supports Nimitz-class and Ford-class aircraft carriers, Virginia-class and Columbia-class submarines, and most major U.S. Navy shipbuilding programs.