News Details
LEADING DESIGNER AND MANUFACTURER OF HIGHLY ENGINEERED, SOLENOID-BASED COMPONENTS FOR THE AEROSPACE AND DEFENSE, INDUSTRIAL AND MEDICAL MARKETS
PARSIPPANY, N.J., Oct. 11, 2011 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) announced today that it has acquired the assets of South Bend Controls for $10 million in cash. South Bend Controls is a leading designer and manufacturer of highly engineered, solenoid-based components used in critical applications serving the aerospace and defense, industrial and medical markets, and had sales of approximately $8 million in 2010. The business will operate within Curtiss-Wright's Motion Control segment.
"The acquisition of South Bend Controls significantly strengthens Curtiss-Wright's portfolio of highly engineered valves and regulators," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "With over five decades as a leading supplier of mission-critical solenoid-based valves, South Bend Controls' expertise, experience and long-standing customer relationships provide Curtiss-Wright with an immediate leadership position in the aerospace and defense market, along with further penetration into the industrial and medical markets."
Founded in 1940, South Bend Controls is headquartered in South Bend, IN and has 63 employees. The company's product family of solenoid-based components includes solenoid valves, proportional valves, pressure relief valves and pressure regulators used in hydraulic, pneumatic and fuel systems.
The combination of South Bend Controls' unique common solenoid valve (CSV) design and engineering expertise, along with Curtiss-Wright's current sensor and solenoid valve solutions, enables us to provide customers with a full breadth of component capabilities and technologies.
ABOUT CURTISS-WRIGHT CORPORATION
Curtiss-Wright Corporation is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation along with long-standing customer relationships. The company employs approximately 8,400 people worldwide. For more information, visit curtisswright2014.q4web.com
ABOUT CURTISS-WRIGHT MOTION CONTROL SEGMENT
Curtiss-Wright Controls, Inc., headquartered in Charlotte, NC, is the Motion Control business segment of Curtiss-Wright Corporation. This business segment designs and manufactures complex motion control components, systems and subsystems for very specialized defense, commercial aerospace and general industrial applications. For more information, visit 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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future performance of South Bend Controls, the future opportunities associated with the acquisition, and the success of the Company integrating South Bend Controls into its Motion Control segment, 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 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.
CONTACT: Jim Ryan (973) 541-3766