News Details
ROSELAND, N.J., Jan 19, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Provides Opportunity to Expand in Domestic and International Defense Markets
Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired substantially all of the assets of Nu-Torque, a designer and manufacturer of electric and hydraulic valve actuation and control devices primarily for U.S. Navy ships. The business will become part of Curtiss-Wright's Flow Control segment.
"The acquisition of Nu-Torque is a significant addition to our existing portfolio of highly engineered valves, controls and actuators," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Nu-Torque also provides the opportunity to expand our presence in the U.S. Navy market, strengthens our system integration capability and enhances the expansion into international niche markets."
Nu-Torque was founded in 1980 and acquired in 2002 by Tyco Flow Control, a unit of Tyco International Ltd. With annual sales of approximately $8 million, typical applications for the Nu-Torque products are for valve automation of shipboard fluid systems, such as fire main, ballast and various safety systems on numerous categories of Navy combatant ships. Nu-Torque is located in Redmond, WA and has 37 employees.
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 7,700 people worldwide. More information on Curtiss-Wright can be found at curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL CORP.
Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, 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 approximately 3,100 employees worldwide and is the Flow Control operating segment of Curtiss-Wright Corporation. 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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future performance of Nu-Torque, the future opportunities associated with the acquisition, and the success of the Company integrating Nu-Torque into its Valve Systems segment of its Flow Control group , 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 Exchange Act of 1934, as amended, for further information.
SOURCE Curtiss-Wright Corporation
http://curtisswright2014.q4web.com
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