Newtown Tech Firm Sold For $223M

A Newtown Township technology firm has been sold to a North Carolina-based corporation for $223 million.

Teletronics Technology Corporation, located on Terry Drive, has been sold to the Curtiss-Wright Corporation. The sale, announced in December, was completed this week, Philly.com reports.

TTC designs and manufactures high-technology data acquisition and comprehensive flight test instrumentation systems for aerospace and defense applications. It will now operate within Curtiss-Wright's Defense segment, the company announced in a statement.

"The acquisition of TTC will yield significant opportunities for growth by increasing the breadth of our data acquisition product portfolio while simultaneously providing greater penetration into our existing markets,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation.

Philly.com reports TTC's chief executive Mansour Radmand plans to retire but existing Techtronics senior employees will continue the business as part of Curtiss-Wright.

TTC has approximately 225 employees and is expected to generate sales of approximately $65 million in 2016.

The Curtiss-Wright Corporation describes itself as a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. The company employs approximately 8,400 people worldwide.