News Details
CURTISS-WRIGHT SIGNS DEFINITIVE PURCHASE AGREEMENT FOR DY 4 SYSTEMS INC.
December 03, 2003
Agreement Creates Global Market Leader in Mission Critical Embedded Computing For Aerospace and Defense Market
ROSELAND, N.J., Dec. 3 /PRNewswire/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B) today announced that it has signed a definitive purchase agreement with Solectron Corporation (NYSE: SLR) to acquire its Dy 4 Systems, Inc. ("Dy 4") business for approximately US$110 million. Dy 4 will operate as a business unit of Curtiss-Wright Controls Inc., a subsidiary of Curtiss-Wright Corporation, based in Gastonia, N.C.
With annual sales of approximately $72 million and more than 300 customers in 26 countries, Dy 4 is the leading supplier of commercial-off-the-shelf (COTS) embedded computing solutions for the defense and aerospace markets. Dy 4 has primary operations in Ottawa, Canada; Leesburg, Va.; and the United Kingdom. Key customers include BAE Systems, DRS Technologies, General Dynamics, Northrop Grumman, Lockheed Martin and Raytheon.
Dy 4 specializes in using leading edge technologies to create high-integrity products that work reliably in harsh environments. This acquisition, combined with Curtiss-Wright's Vista Controls division and the recent acquisition of Systran Corporation, positions Curtiss-Wright as the world's premier provider of mission critical embedded computing solutions for the aerospace and defense markets.
"The combined breadth of innovative product offerings, highly talented engineering and management teams, and longstanding commitment to the markets served provides compelling capabilities for our customers," said Martin Benante, Chairman and CEO of Curtiss-Wright. "Dy 4 is a strong, profitable and technologically advanced company, and we are delighted for them to join the Curtiss-Wright family."
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,
or [email protected];
or Paul Holm,
[email protected],
or Matthew Karsh,
[email protected],
both of
Portfolio PR, +1-212-736-9224,
for Curtiss-Wright Corporation/