Siemens' federal arm shapes portfolio with sale to Curtiss-Wright
- By Ross Wilkers
- Feb 20, 2018
Siemens’ U.S. federal subsidiary is selling a naval manufacturing business to Charlotte, North Carolina-based industrial company Curtiss-Wright for $212.5 million in cash.
Both companies expect to close the transaction in April, Curtiss-Wright said Tuesday. The move aims to allow Siemens to focus on more core high-tech solutions for federal agencies.
The Dresser-Rand Government Business employs almost 150 people and builds reciprocating compressors, steam turbines and steam system valves for Navy aircraft carriers and submarines. Curtiss-Wright said the business expects to record $95 million in revenue at the end of its current fiscal year.
Siemens acquired Dresser-Rand in 2015 for $7.6 billion. The Siemens Government Technologies business is headquartered in Arlington, Virginia.
“For SGT, the sale allows us to apply greater focus on core strengths and leverage Siemens’ significant expertise in electric propulsion for naval applications, product lifecycle management and energy and infrastructure; while Curtiss-Wright similarly extends their expertise through the acquisition as an essential supplier of nuclear propulsion equipment for the Navy,” Siemens Government Technologies President and CEO Barbara Humpton told Washington Technology in a statement.
“The Navy is a large customer with a broad spectrum of requirements that SGT is uniquely positioned to address, and, we look forward to delivering innovative technologies and solutions centered on electric propulsion, energy and lifecycle management needs now and in the future.”
Dresser-Rand is the sole supplier of steam turbines and main engine guard valves for Navy aircraft carriers.
“Siemens Government Technologies looks forward to supporting Curtiss-Wright through its acquisition of the Dresser-Rand government business and services portfolio. We believe the sale to Curtiss-Wright represents the best interests of all parties involved, which importantly includes our employees and our Navy customer,” Humpton said.
Ross Wilkers is a senior staff writer for Washington Technology. He can be reached at firstname.lastname@example.org. Follow him on Twitter: @rosswilkers. Also find and connect with him on LinkedIn.