Curtiss-Wright Corp. has announced that it has entered into an agreement to acquire the stock of Dyna-Flo Control Valve Services Ltd for CAD$81 million (US$62 million) in cash. Dyna-Flo is a designer and manufacturer of linear and rotary control valves, isolation valves, actuators, and level and pressure control systems for the chemical, petrochemical, and oil and gas markets.
The acquired business will operate within Curtiss-Wright's Commercial/Industrial segment and is expected to be accretive to Curtiss-Wright's 2020 adjusted diluted earnings per share, excluding first year purchase accounting costs, and produce a free cash flow conversion rate in excess of 100%. Dyna-Flo’s financials are not included in the company’s initial 2020 guidance.
“The acquisition of Dyna-Flo yields significant opportunities for growth by increasing the breadth of our industrial valve portfolio with complementary products recognised for their critical performance in severe service environments,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “The combination of this business with Curtiss-Wright’s established global sales channel and marketing capabilities serving similar customers will ensure that we remain a leading provider of pressure relief, control and isolation valve solutions. In addition, this transaction supports our long-term financial objectives including increased sales growth, margin expansion and solid free cash flow generation.”
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/28022020/curtiss-wright-to-acquire-dyna-flo-control-valve-services/
You might also like
Aramco has signed definitive agreements to acquire a strategic minority stake in MidOcean Energy for US$500 million.