News Details
Acquisition Further Enhances Market and Technology Positions In Aerospace Sensors
ROSELAND, N.J., Dec. 4 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B) today announced the acquisition of Novatronics Inc. for approximately CDN$17.6 million (approximately US$13.5 million). Novatronics will operate as a business unit of Curtiss-Wright Controls Inc., a subsidiary of Curtiss-Wright Corporation.
Novatronics designs and manufactures electric motors and position sensors (both linear and rotary) for the commercial aerospace, military aerospace and industrial markets. The company has annual sales of approximately $12 million and employs approximately 145 people at its two locations Stratford, Ontario, Canada, and Plainview, NY.
Novatronics' products are sold primarily to aerospace customers and include position sensors (LVDT's, RVDT's and synchros) and high-end fractional horsepower electric motors. Applications include flight controls, engine controls, environmental control systems and industrial automation.
"The acquisition of Novatronics will further enhance our market and technology positions in aerospace position sensors," said Martin R. Benante, Chairman and CEO of Curtiss-Wright. "In addition, we will further diversify our existing sensor technology while broadening the application of this technology beyond flight control and engine applications to include landing gear systems and environmental and valve control systems for cockpits."
"The addition of Novatronics' high-end motor product line represents a complementary product to our existing position sensor line while creating significant synergies," said Benante. "Novatronics also brings strong management talent and strengthens the engineering, sales and marketing teams for our sensor business. Under Curtiss-Wright management, Novatronics will benefit from a focus on operational excellence and access to our broad distribution network."
Novatronics' market segments and major applications include:
- Commercial transport -- All Boeing 7-series and Airbus 3-series aircraft;
- Regional/business aircraft -- CRJ, Challenger, Global Express, Premier I, Hawker Horizon and Citation X;
- Military -- JSF, F/A-18 E/F, Gripen, Comanche and V-22;
- Space -- Shuttle and Space Station Robotic Arms;
- Industrial -- Industrial controls.
ABOUT CURTISS-WRIGHT
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and is a provider of metal treatment services. The firm employs approximately 4,300 people. More information on Curtiss-Wright can be found on the Internet at curtisswright2014.q4web.com.
ABOUT THE CENTENNIAL CELEBRATION OF FLIGHT
On December 17, 1903, amid the sand dunes of Kitty Hawk, North Carolina, man's quest for powered flight became a reality when a small fabric and wood craft known as the Wright Flyer ushered in the aviation age. The team behind this legendary event, Orville and Wilbur Wright, along with aircraft designer Glenn Curtiss, gave birth to a new industry and founded Curtiss-Wright Corporation, today a multinational provider of metal treatment, motion control and flow control systems for the aerospace and defense industries. For more information about the Centennial Celebration of Flight, visit curtisswright2014.q4web.com/centennial.asp.
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 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, 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.
This press release and additional information is available at curtisswright2014.q4web.com and www.portfoliopr.com.
SOURCE Curtiss-Wright Corporation
CONTACT:
Glenn E. Tynan,
CFO of Curtiss-Wright Corporation,
+1-973-597-4700,
[email protected];
or Paul Holm,
[email protected],
or Matthew Karsh,
[email protected],
+1-212-736-9224,
both of Portfolio PR, for Curtiss-Wright Corporation