Curtiss-Wright Flow Control Acquires Advanced Engineered Products
Strengthens Position as a Leading Supplier of Nuclear Power Plant Products and Services
(firmenpresse) - FALLS CHURCH, VA -- (Marketwire) -- 01/11/12 -- Curtiss-Wright Flow Control Company (CWFC) announced today that it has acquired the assets of Advanced Engineered Products, Inc. (AEP) for $1.85 million. AEP is a leading supplier of nozzle dams and other products and services for the commercial nuclear power industry. Its innovative nozzle dam product is smaller and lighter and can be installed rapidly, reducing radiation exposure and minimizing critical outage time. Westinghouse has adopted the AEP nozzle dam as a standard part of its AP1000® nuclear reactor design.
"Curtiss-Wright continues to expand its portfolio of unique technologies through organic product development and acquisitions of both long-tenured companies and entrepreneurial technology incubators," said David Linton, President, Curtiss-Wright Flow Control Company and Co-Chief Operating Officer of Curtiss-Wright Corporation. "The company displays longstanding commitment to providing innovative solutions to its customers' most difficult problems and outstanding nuclear manufacturing and QA capabilities. These attributes are excellent complements to ensure the best long-term path for nurturing and advancing promising technologies like that offered by AEP.
"The 2009 acquisition of NETCO, Inc. by CWFC and the subsequent advancement of the NETCO-SNAP-IN® technology is an example of our demonstrated track record in developing and integrating incubator technology," added Linton.
AEP will become part of CWFC's Scientech business unit based in Danbury, CT. Other AEP products include first-generation nozzle dams, nozzle dam support consoles, quick bolts, manway cover elevators and automated stud hole cleaning devices.
Curtiss-Wright Flow Control Company specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics, systems and related products for the commercial nuclear power industry, oil and gas processing facilities and a range of critical military programs. Its 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 more than 3,400 employees worldwide and is the Flow Control segment of Curtiss-Wright Corporation. For more information, visit: .
Scientech is a global provider of commercial nuclear power instrumentation, electrical components, specialty hardware, process control systems, and proprietary database solutions aimed at improving safety, plant performance and reliability as well as reducing costs. Its Technical & Hardware Solutions Group provides instrumentation, electrical and mechanical hardware for nuclear and fossil plants to address obsolescence and improve efficiency and safety. The Utility Services Group provides utilities with specialized analysis, technical consulting and engineering solutions to assist in modernizing plants, improving operating efficiency and responding to regulatory requirements. Scientech, a business unit of Curtiss-Wright Flow Control Company, is headquartered in Idaho Falls, ID. For more information, visit .
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 Advanced Engineered Products, Inc., the future opportunities associated with the acquisition, and the success of the Company integrating Advanced Engineered Products, Inc. into its Flow 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:
Sharon Dey
(703) 286-2011
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Datum: 11.01.2012 - 16:30 Uhr
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News-ID 1072190
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