News Details
CURTISS-WRIGHT ELECTRO-MECHANICAL CORPORATION AWARDED DEVELOPMENT CONTRACT FOR NEXT-GENERATION AIRCRAFT CARRIER ARRESTING GEAR
September 18, 2003
ROSELAND, N.J., Sept. 18 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B), a diversified global provider of highly engineered products and services to the Motion Control, Flow Control and Metal Treatment industries, has announced that one of its companies, Curtiss-Wright Electromechanical Corporation (CW-EMD), has been awarded a development contract from the Naval Air Systems Command Aircraft Division as part of a team led by General Atomics for aircraft arresting gear for use on current and future aircraft carriers. The contract is worth approximately $2 million and can lead to substantial additional business if the Team's design is chosen at the end of the selection process.
The aircraft arresting gear system will be designed for retrofitting on current CVN 68 class aircraft carriers and forward fit for use on the next generation CVN 21 class carriers. It will incorporate increased reliability and safety margins and extend the fleet operational capabilities to include heavier and faster aircraft and lightweight unmanned vehicles set to enter the Naval fleet in the future. Maintenance and operational costs of the arresting gear system will be reduced compared to current models, resulting in a significant lifecycle cost savings. Research and Development will take place at CW-EMD's Technology Center in Mt. Pleasant, PA, with a total development time of approximately fifteen months.
"We look forward to beginning our intensive work and research in designing a state-of-the-art aircraft arresting system," stated Martin Benante, Chairman and CEO of Curtiss-Wright. "CW-EMD has a long and storied history of supplying the Navy with advanced electro-mechanical solutions for a number of applications. We have great confidence in our team and look forward to securing a longer-term contract in the future."
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 additionally 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 know 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 www.curtiss-wright.com and www.portfoliopr.com.
SOURCE Curtiss-Wright Corporation
CONTACT:
Glenn Tynan 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 for Curtiss-Wright Corporation.