News Details
Expands Proprietary Technologies for Global Naval Market
ROSELAND, N.J., March 3 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B) announced that it has acquired the stock of Indal Technologies Inc. ("Indal"), a wholly owned subsidiary of Novar plc, for CAD $78 million (approximately USD $63 million) in cash. Indal will operate as a business unit of the Motion Control segment of Curtiss-Wright in its Engineered Systems group.
Indal is considered the market leader in shipboard helicopter handling systems for naval applications with a global installed base on over 200 ships, including more than 100 systems deployed in the U.S. Navy. Indal's highly engineered, proprietary products enable helicopters to land aboard naval vessels in rough sea conditions. Indal also designs and manufactures specialized telescopic hangars that provide protection for helicopters aboard ships and cable handling systems for naval sonar applications. Indal has also developed an Automated Passenger Bridge (APB) guidance system for boarding and de-boarding commercial aircraft. The APB provides increased gate utilization, reduces operating costs and shortens aircraft turn around times.
2005 revenues for Indal are expected to be approximately USD $45 million. Curtiss-Wright will report 10 months of ownership in 2005. North American sales represent approximately 42% of projected revenues, including key platforms such as DDG, DD(X), USCG Deepwater and LPD-17. In addition to the U.S. Navy and Coast Guard, Indal's current customers include the navies of Canada, Italy, Malaysia, Turkey, Japan, the U.K. and Australia.
"The acquisition of Indal provides a new channel for a broader naval market penetration for Curtiss-Wright," said Martin R. Benante, Chairman and CEO of Curtiss-Wright. "We have a core navy business in nuclear propulsion systems, embedded computers and sensors, and this acquisition provides a strong strategic fit. Indal's superior technologies and long-term customer relationships with 24 navies worldwide will provide a substantial platform for our Motion Control segment's expansion into the naval market."
Based in Mississauga, Ontario, Canada, Indal owns a 195,000 square foot manufacturing complex that includes engineering and administration as well as a comprehensive testing facility which simulates naval vessels for full-scale flight test platforms. Indal employs 190 full-time employees at its facility, all of which are expected to continue in their current positions.
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 provides a variety of metal treatment services. The firm employs approximately 5,600 people worldwide. More information on Curtiss-Wright can be found on the Internet at http://curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT CONTROLS, INC.
Headquartered in Gastonia, North Carolina, 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, embedded computers, subsystems and services internationally for the aerospace and defense markets. For more information, visit http://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, current expectations, estimates and projections. Such statements, including statements relating to Curtiss-Wright Corporation's and Indal Technologies' expectations for future financial performance, 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 for Curtiss-Wright Corporation,
+1-973-597-4734
Web site: http://curtisswright2014.q4web.com
http://www.cwcontrols.com
(CW CWB)