News Details
Expands Capabilities in High Growth Commercial Nuclear Power Market
ROSELAND, N.J., May 8 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired the assets of Scientech, LLC of Idaho Falls, Idaho, for approximately $57.8 million. Scientech is a global provider of commercial nuclear power instrumentation, electrical components, specialty hardware, process control systems, and proprietary database solutions aimed at improving safety and plant performance, efficiency, reliability and reducing costs. The business will become part of the Commercial Power & Services group within Curtiss-Wright's Flow Control segment.
"The acquisition of Scientech complements our capabilities in the commercial nuclear power business and provides us with an excellent opportunity to expand in this high growth market," said Curtiss-Wright Chairman and CEO Martin R. Benante. "The company brings high value business lines, including critical hardware, plant process controls and proprietary database solutions which are highly synergistic with our existing nuclear power products, and supports our strategy to become a primary global source of critical technologies for nuclear power."
Approximately half of Scientech's business is generated by their Technical & Hardware Solutions Group which provides instrumentation, electrical and mechanical hardware for utilities to address obsolescence and improve efficiency and safety of operations. The balance of the business is generated by the Utility Services Group which provides utilities with specialized analysis, technical consulting and engineering solutions to assist in modernizing facilities, improving operating efficiency and responding to regulatory requirements.
Founded in 1983 as a consulting, engineering and technical services company serving government and utility customers, Scientech has grown steadily, with 2006 sales of $46 million. Its customers are the leading players in the domestic and international commercial power market, as well as government agencies engaged in nuclear-related activities. The company is headquartered in Idaho Falls, ID and has facilities in Huntsville, AL, Dunedin, FL, Berwick, PA, and New Milford, CT.
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 6,200 people worldwide. More information on Curtiss-Wright can be found at http://curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL CORP.
Curtiss-Wright Flow Control 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 Corp. (NYSE: CW) headquartered in Roseland, NJ. For more information, visit http://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 1995 that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for future performance and opportunities, 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