International. Keronite is a provider of plasma electrolytic oxidation (PEO) surface treatment applications offering corrosion protection as well as electrical insulation for defense, aerospace and commercial vehicle markets.
Curtiss-Wright Corporation announces that it has completed the acquisition of shares of Keronite Group Limited (Keronite) for $35 million in cash.
Keronite's PEO surface treatment process uses a bath-based method to produce ceramic layers in lightweight alloys such as aluminum, magnesium and titanium to enhance their inherent performance characteristics.
As the surface oxidizes, it incorporates an electrolyte, giving the coating specialized features that are tailored to the specific application.
Through the Keronite process, light metals obtain the wear and performance properties of high-weight materials, such as carbide or steel, in a more environmentally friendly way and are suitable to withstand demanding applications, such as aerospace or electric vehicle programs.
"The acquisition of Keronite expands the breadth of our surface treatment services portfolio with unique and complementary coating technologies recognized for their critical performance in harsh service environments," said Curtiss-Wright Corporation President and Chief Executive Officer Lynn M. Bamford.
Keronite is expected to generate sales of approximately $9 million in 2022 and to be neutral to Curtiss-Wright's adjusted diluted earnings per share in its first full year of ownership, excluding first-year purchase accounting costs.
Bamford added, "The combination of this business with Curtiss-Wright's long-term customer relationships and global sales channels provides strong alignment with strategic priorities, as highlighted at our 2021 investor day, and is expected to generate significant opportunities for long-term profitable growth."
The acquired business will operate within Curtiss-Wright's Aerospace and Industrial segment.