News Details
Expands World-class Technologies for Oil & Gas Market
ROSELAND, N.J., April 18 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired the assets of Enpro Systems Ltd. of Channelview, Texas for approximately $17.5 million. Enpro is a leader in the design and manufacture of engineered pressure vessels, catalytic cracking process equipment and critical service valves for the petrochemical, refining and utility markets. The company will become part of Curtiss-Wright's Flow Control segment.
"Curtiss-Wright is a leader in the design and manufacture of highly engineered valves to meet the severe environment and critical flow control applications required in the oil and gas processing market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright. "By combining Enpro's highly complementary product offerings with Curtiss-Wright's existing products, we are able to enhance our portfolio of solutions available to our customers."
Enpro designs and manufactures pressure vessels and valves used in high- temperature, highly abrasive and corrosive environments for the global oil and gas market. It also provides engineering services, subcontract manufacturing services, shop repair and field services to support customers' operations.
During Curtiss-Wright's first 12 months of ownership, revenues for Enpro are expected to be approximately $30 million.
Headquartered near Houston, Texas, the company has approximately 175 employees and occupies 95,000 square feet of space with complete engineering, fabrication, refractory, welding, machining, and repair capabilities.
ABOUT CURTISS-WRIGHT
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 6,000 people worldwide. More information on Curtiss-Wright can be found at curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL
Curtiss-Wright Flow Control Corporation specializes in the design and manufacture of highly engineered valves, pumps, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 2,000 employees worldwide and is the Flow Control operating segment of Curtiss-Wright. For more information, visit www.cwfc.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to Curtiss-Wright Corporation's and Enpro Systems Ltd's expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Such risks and uncertainties include, but are not limited to: a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in US and Foreign government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, marine, electronics and industrial companies. Please refer to the Company's current SEC filings under the Securities and Exchange Act of 1934, as amended, for further information.
SOURCE Curtiss-Wright Corporation
CONTACT:
Alexandra M. Deignan of Curtiss-Wright Corporation,
+1-973-597-4734