News Details
CURTISS-WRIGHT COMPLETES ACQUISITION OF VMETRO
October 15, 2008
ROSELAND, N.J., Oct 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Global Leader in High Performance Embedded Computing Products
Curtiss-Wright Corporation (NYSE: CW) today completed a voluntary cash tender offer for VMETRO ASA (Oslo: VME) at NOK 12.06 per share. The total enterprise value for the transaction is approximately $72 million, including assumption of approximately $26 million of net debt. VMETRO will become part of the Motion Control segment's Embedded Computing group.
"VMETRO is a global leader in high-performance embedded computing products, from development through deployment, which will notably enhance Curtiss-Wright's product portfolio in the defense market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright. "In addition, their global presence provides an established international distribution channel for our vast portfolio of embedded computing products."
Founded in 1986, VMETRO is a leading supplier of commercial off-the-shelf (COTS) board- and system-level embedded computing products for applications in aerospace, defense, industrial, communication and medical markets. Key products provide real-time computing capabilities, high-density radar processing, data recording and network storage systems. Application of these products as components or subsystems enables improved response time and critical protection in server and storage appliances, utility mapping and ground penetrating radar.
The company operates globally with headquarters and principal engineering in Oslo, Norway. Additional sales, engineering and distribution networks are established in Sweden, Germany, France, Italy, the U.S. and Asia. The company employs approximately 200 people.
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 specialized metal treatment services. The firm employs approximately 7,600 people worldwide. For more information about Curtiss-Wright visit curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT CONTROLS
Headquartered in Charlotte, N.C., Curtiss-Wright Controls, Inc. is the Motion Control segment of Curtiss-Wright Corporation. With manufacturing facilities around the world, Curtiss-Wright Controls is a leading technology-based organization providing niche motion control products, subsystems and services internationally for the aerospace and defense markets. For more information, visit www.cwcontrols.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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future performance VMETRO, the future opportunities associated with the acquisition, and the success of the Company integrating VMETRO into its Embedded Computing group, are not 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.
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