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Curtiss-Wright Signs $400M Deal for Military Comms Tech Supplier PacStar; David Adams Quoted

David Adams Chairman and CEO Curtiss-Wright
David Adams, Chairman and CEO, Curtiss-Wright

Curtiss-Wright has agreed to acquire Pacific Star Communications for $400 million in cash to grow tactical communications technology offerings for the U.S. military sector, Curtiss-Wright announced Thursday. PacStar will operate within Curtiss-Wright's defense segment upon closing of the deal and is projected to generate sales in excess of $120 million this year.

"The acquisition of PacStar establishes Curtiss-Wright as a critical supplier of advanced tactical and enterprise network communications solutions supporting a broad spectrum of high-priority U.S. military force modernization programs,“ said David Adams, chairman and CEO of Curtiss-Wright Corporation.

PacStar has provided tactical communications solutions for battlefield network management, including commercial off-the-shelf (COTS)-based rugged, small form factor communications systems, and its proprietary IQ-Core Software integrated network communications management software.

“The combination of Curtiss-Wright“™s mission-critical mobile and secure COTS-based processing, data management and communications technologies with PacStar“™s highly complementary hardware and software solutions will enable us to deliver best-in-class platform network integration and tactical data link network management to the warfighter,“ Adams added. 

PacStar“™s solutions are utilized in mission-critical applications, combining tactical networking equipment and software to enable enhanced battlefield situational awareness down to the individual warfighter. Their patented software and hardware technologies are core components of secure command, control and communications systems, particularly in remote or infrastructure-starved areas.

“PacStar“¦ is well-positioned to benefit from the military“™s continued investment in robust, secure and integrated battlefield network management and is expected to yield significant opportunities for revenue growth. Further, this acquisition supports Curtiss-Wright“™s financial objectives for long-term profitable growth and strong free cash flow generation within our disciplined and balanced capital allocation strategy,“ Adams concluded. 

PacStar is expected to be accretive to Curtiss-Wright's adjusted diluted earnings per share in its first full year of ownership, excluding first year purchase accounting costs, and produce a strong free cash flow conversion rate well in excess of 100 percent. The acquisition is expected to close in the fourth quarter of 2020, subject to regulatory approval and other closing conditions.

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