News Details
CURTISS-WRIGHT ANTICIPATES ADVERSE IMPACT TO FY2012 RESULTS FROM CONTINUING STRIKE BY IBEW
September 20, 2012
PARSIPPANY, N.J., Sept. 20, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today said a strike by 300 IBEW workers at its Flow Control segment's Electro-Mechanical Division (EMD) facility in Cheswick, PA, will likely have a significant adverse impact on the Company's financial results for Fiscal 2012.
On August 18, 2012, contractual agreements expired between EMD and its two local unions - Local Union 1914 of the International Brotherhood of Electrical Workers (IBEW) and the Association of Westinghouse Salaried Employees (AWSE) District 16, an affiliate of the Federation of Independent Salaried Unions (FISU), which represents 130 employees.
While members of the AWSE continued to work throughout the negotiation process, members of the IBEW elected to initiate a work stoppage following submission of Curtiss-Wright's initial wage offer. Curtiss-Wright immediately implemented contingency plans to support its business commitments to customers and the Company's EMD facility has remained open. The Company has reached a tentative agreement with the AWSE.
The Company will update the financial community once the strike has concluded.
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 8,600 people worldwide. For more information, visit curtisswright2014.q4web.com.
The Curtiss-Wright Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7709
Certain statements made in this release, including statements about the adverse impact of the strike, the possible revenue impact, adverse financial performance from the strike, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. 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, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and subsequent reports filed with the Securities and Exchange Commission.
This press release and additional information are available at curtisswright2014.q4web.com.
CONTACT: Jim Ryan (973) 541-3766