Curtiss-Wright said today it has agreed to acquire the assets of Dresser-Rand's government business for $213 million in cash.
"The acquired business will operate within Curtiss-Wright's Power segment," the company said in its announcement.
Dresser-Rand, which is a business unit of Siemens Government Technologies, the wholly owned U.S. subsidiary of German company Siemens AG, designs and manufactures equipment including compressors, steam turbines and steam system valves. The company's equipment is used on Nimitz-class and Ford-class aircraft carriers, Virginia-class and Columbia-class submarines and other Navy shipbuilding programs.
"Dresser-Rand is the sole supplier of steam turbines and main engine guard valves on all aircraft carrier programs," Curtiss-Wright said. "Through its three service centers, it is also a leading provider of ship repair and maintenance for the U.S. Navy's Atlantic and Pacific fleets."
David Adams, the chief executive of Curtiss-Wright, said in a statement the acquisition would grow the company's footprint on Navy nuclear vessels and establish a significant presence at shipyards.
The Dresser-Rand government business has about 150 employees and is expected to produce sales of about $95 million in fiscal year 2018. The deal is expected to close in April.