Curtiss-Wright Corp. announced Tuesday morning in a press release that it has entered into an agreement to acquire the assets of Dresser-Rand Government Business, based out of Germany, for $212.5 million in cash.

Dresser-Rand is a business unit of Siemans Government Technologies Inc., and is a designer and manufacturer of reciprocating compressors, steam turbines and steam system valves used in aircraft carriers and submarines.

The newly acquired business will operate within Curtiss-Wright’s power segment and is expected to be accretive to 2018 earnings per share and produce a free cash flow conversion in excess of 100 percent.

Based on projections, the business will bring in an estimated $95 million to Curtiss-Wright’s bottom line for fiscal 2018.

“The acquisition of Dresser-Rand’s government business portfolio significantly expands our ship-set content and increases our footprint on new U.S. Navy nuclear vessels, establishes a prominent Curtiss-Wright presence at U.S. Navy shipyards, and provides an opportunity to grow our existing U.S. Navy aftermarket business,” said Chief Executive Officer David C. Adams in a statement.

The acquisition is expected to be completed in April of this year, subject to the receipt of regulatory approval and other closing conditions.

Curtiss-Wright is a global innovative company that manufactures products and services to the commercial, industrial, defense and energy markets.

Shares of Curtiss-Wright were trading at $129.78 Tuesday morning, up 2.08 percent.