Sep 26, 2020, 03:35 EST
Bronx, United States, Sep 26, 2020, 03:35 /Comserve / -- The global innovative company, Curtiss-Wright Corporation, announced on Thursday, i.e. September 24, 2020, that it has signed an agreement to purchase the assets of Pacific Star Communications, Inc.
Davidson, North Carolina, September 25, 2020: The global innovative company, Curtiss-Wright Corporation, announced on Thursday, i.e. September 24, 2020, that it has signed an agreement to purchase the assets of Pacific Star Communications, Inc. (PacStar®) for a sum of USD 400 million in cash. The transaction is expected to be completed in the fourth quarter of the current year and is subject to regulatory approval and other closing conditions.
After the acquisition is completed, PacStar® will function under the defense segment of Curtiss-Wright and is projected to deliver sales of more than USD 120 million in 2020. According to the terms of the agreement, in the first year of ownership, PacStar® is expected to increase the Curtiss-Wright’s adjusted diluted earnings per share, excluding the purchase accounting costs, and support a strong free cash flow generation.
Based in the Portland region of Oregon, PacStar® is a major technology-based system integrator that provides sophisticated, reliable, and interoperable operational and enterprise communications services to the federal, military, state, and local government organizations along with the emergency responders.
The company has patented several hardware and software technologies to provide safe and reliable communication services in the battlefields/war zones through encrypted commands, controls, and communications systems. PacStar® was founded in the year 2000, and it currently employs around 145 people including more than 30 engineers. It mainly generates revenue from the ground defense market.
The Chairman and CEO of the Curtiss-Wright Corporation, David C. Adams, is excited to welcome PacStar® into its family and believes that the acquisition would help to enhance the high spectrum modernization programs in the U.S. military force. He further added that, both the companies with their individual expertise, would create synergies to leverage the network management and communication systems for the warfighters.
Founded in 1929, Curtiss-Wright employs nearly 8,900 people globally. The company provides highly engineered and technically advanced products and services for the industrial, defense, commercial, and energy markets. In its latest financial statement, Curtiss-Wright reported net sales of USD 550 million during 2Q 2020 as compared to the previous year’s net sales of the same period which was USD 639 million, a slight decline by 14% Y-o-Y. However, the new orders increased by 3% to USD 620 million as the naval defense sector witnessed strong growth.
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