Curtiss-Wright Corp., Charlotte, N.C., has completed its $233 million cash purchase of Teletronics Technology Corp., a Newtown Township company that makes flight testing and recording systems for big war machines including the U.S. military's F-35 fighter jet.
The potential cost of the F-35, which is designed to operate across the military services for a variety of missions, was questioned by President-elect Donald Trump last month. Trump wrote that he'd asked Boeing to price an alternative to the F-35, whose production is led by Lockheed Martin.
"That certainly got people's attention, but it didn't trigger the sale and didn't get much reaction from the principals in the transaction," Andrew Greenberg, who headed the Fairmount Partners deal team that advised Teletronics, told me. The plane is a longstanding project and "doesn't alter the deep support for the F-35 in the military and the Congress," he added.
Indeed, Teletronics had been preparing for a potential sale for the past year. Chief executive Mansour Radmand, who founded the company with fellow engineers and managers from the former Aydin Corp. of Horsham before it was bought by L-3 Communications, plans to retire; chief technology officer Albert Berdugo and some other senior Teletronics people will continue in the business as part of Curtiss-Wright.
Teletronics employs around 225. Sales totalled around $65 million last year. Curtiss, a publicly-traded company that traces its roots to aviation pioneers including the Wright Brothers, employs 8,400 at its plants, with yearly sales above $2 billion.
Teletronics designs and builds what Curtiss-Wright calls "high-technology data acquisition and comprehensive flight test instrumentation systems for critical aerospace and defense applications."
Teletronics "will yield significant opportunities for growth," enabling military customers to build better testing systems while boosting profits, Curtiss-Wright CEO David Adams said in a statement.
Greenberg led a team including colleagues Jonathan Smith, Bill Frame and Jason Levy at Fairmount Partners LP of Philadelphia advising Teletronics in the sale. Yves Quintin of Duane Morris, longtime legal adviser to the firm, was counsel in the deal.