News Details
CURTISS-WRIGHT AWARDED $11 MILLION ORDER BY SINCOR
March 01, 2007
ROSELAND, N.J., March 1, 2007 /PRNewswire-FirstCall via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it received an order from Sincrudos de Oriente SINCOR CA, in excess of $11 million to provide six DeltaGuard® coke drum unheading systems, DeltaGlides (installation/maintenance systems) and additional equipment. This order, which is the largest order received from South America for the company's coker valve systems, is expected to be installed at Sincor's upgrader plant in Jose, Venezuela at the end of 2007. DeltaValve is a division of Curtiss-Wright's Flow Control segment.
"Our automated DeltaGuard unheading system and related equipment continue to receive outstanding global market acceptance throughout the oil refining industry," said Curtiss-Wright Chairman and CEO Martin R. Benante. "In addition to the unsurpassed safety record of the DeltaGuard, it also provides significant economic advantages by reducing cycle times, thus increasing throughput, minimizing maintenance costs, and enables refineries to process less expensive, heavier grades of crude oil. At the price of crude oil today, these savings can be significant."
The DeltaGuard valve is used in the process of delayed coking to safely unhead (open) the top or bottom of a coke drum. Unlike most unheading systems, the incorporation of the DeltaGuard technology into a refinery's coking process creates a totally enclosed coking system, minimizing any exposure to personnel during the coke unheading process. These six DeltaGuard system installations will bring the worldwide total to 137, representing 21% of the worldwide market.
Sincor, headquartered in Caracas, Venezuela, is a consortium of companies, including TOTAL VENEZUELA, S.A. (Total S.A. of France), PDVSA SINCOR, C.A. (Petroleos de Venezuela, S.A. of Venezuela), and STATOIL SINCOR AS (Statoil ASA of Norway), which partnered to develop oil reserves located in the Orinoco Belt, a territory which occupies the southern strip of the eastern Orinoco River Basin in Venezuela. This territory is estimated to have the world's largest reserve of extra-heavy crude oil.
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 metal treatment services. The firm employs approximately 6,300 people worldwide. More information on Curtiss-Wright can be found at curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL
Curtiss-Wright Flow Control Corporation specializes in the design and manufacture of highly engineered valves, pumps, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 2,000 employees worldwide and is the Flow Control operating segment of Curtiss-Wright. For more information, visit www.cwfc.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. This release contains forward- looking statements regarding the continued relationship with a customer and the potential value of a long-term agreement. Such statements, including statements relating to Curtiss-Wright Corporation's 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
Alexandra M. Deignan
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