News Details
CURTISS-WRIGHT TO ACQUIRE ADVANCED MATERIAL PROCESS CORP. FOR APPROXIMATELY $5.7 MILLION
March 12, 2003
ROSELAND, N.J., Mar 12, 2003 /PRNewswire-FirstCall via COMTEX/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B) announced the acquisition of selected assets of Advanced Material Process Corporation (AMP), a privately-owned company located in Wayne, Michigan. AMP is a supplier of commercial shot-peening services primarily to the automotive market in the Detroit area. The total purchase price is approximately $5.7 million in cash with the assumption of certain operating liabilities.
AMP, with sales volume of approximately $5 million, operates from a facility of approximately 36,000 square feet on 1.7 acres of land where it has approximately fifty employees. In accordance with Curtiss-Wright acquisition criteria, the transaction is expected to be accretive to earnings within a year and meet the requisite return on capital and internal rate of return targets.
Commenting on the acquisition, Martin Benante, Chairman and CEO of Curtiss-Wright, stated, "This acquisition adds to our leadership position as the number one provider of shot-peening services in the world."
ABOUT CURTISS-WRIGHT
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and additionally is a provider of metal treatment services. The firm employs approximately 4,200 people. More information on Curtiss-Wright can be found on the Internet at http://curtisswright2014.q4web.com .
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 the 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, marine, 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.
This press release is available at http://curtisswright2014.q4web.com and http://www.portfoliopr.com .
SOURCE Curtiss-Wright Corporation
CONTACT:
Gary Benschip of Curtiss-Wright Corporation,
+1-973-597-4721,
[email protected]