News Details
Significant Addition to Commercial and Government Power Generation Markets
ROSELAND, N.J., May 24 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW; CW.B) today announced that it has acquired the assets of NOVA Machine Products Corporation ("NOVA") and Trentec, Inc. ("Trentec") for approximately $33 million. The transaction consideration will be paid with a combination of cash and common stock. NOVA and Trentec will operate as business units of Curtiss-Wright Flow Control ("CWFC"), a segment of Curtiss-Wright Corporation based in Farmingdale, NY.
NOVA is the largest supplier of safety-related fasteners to the U.S. nuclear power industry and the Department of Energy ("DOE"), and also provides a wide range of manufactured and distributed products and related services. NOVA is currently under exclusive contract with many of the U.S. nuclear utilities for its proprietary Utility Stock Exchange® program. This program manages the utility's inventory and spare parts, and positions NOVA to be the preferred supplier for nuclear-grade and other critical components. NOVA will expand this capability to include Curtiss-Wright's current product offerings in the commercial power generation market.
Trentec's businesses include specialty equipment fabrication, diamond wiresaw cutting, nuclear power plant equipment qualification, and third-party dedication and supply of nuclear components. The company is also expanding to support new DOE contracts for large doors and airlocks. Trentec's customers include major nuclear power plant developers, including Bechtel, BNFL, Doosan Heavy Industry Corporation, Hyundai Heavy Industries and Westinghouse, as well as most nuclear and hydroelectric energy producers.
Aggregate sales for NOVA and Trentec of approximately $30.6 million in 2003 were primarily sold to the commercial nuclear power market, the DOE and the Department of Defense. In addition to strengthening CWFC's growth potential with the DOE, there are significant opportunities to support complementary business with the nuclear Navy and in the oil and gas processing market.
"The acquisition of NOVA and Trentec will provide a significant addition to Curtiss-Wright's power and government market segments," said Martin R. Benante, Chairman and CEO of Curtiss-Wright. "Both companies have highly engineered, core products and services supported by master contracts and long-term utility relationships. Strategically, NOVA and Trentec will extend our penetration into the commercial power generation and DOE market segments, supported by Curtiss-Wright's established sales and marketing resources."
NOVA is headquartered in Middleburg Heights, OH, with distribution centers in Glendale Heights, IL, and Decatur, AL, and five sales offices throughout the US. The company currently has approximately 85 employees. Trentec is headquartered in Cincinnati, OH, and has approximately 67 employees.
ABOUT CURTISS-WRIGHT CORPORATION
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 provides metal treatment services. The firm employs approximately 4,900 people worldwide. The company will celebrate its 75th anniversary in August 2004. For more information on Curtiss-Wright, visit http://curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL
Headquartered in Farmingdale, New York, Curtiss-Wright Flow Control ("CWFC") is the flow control segment of Curtiss-Wright Corporation. Founded in 1951, CWFC specializes in the design and manufacture of highly engineered valves, pumps and related products for naval propulsion systems. Today, CWFC's sophisticated products are installed on every nuclear submarine and aircraft carrier commissioned by the United States Navy and an integral part of worldwide commercial nuclear power plants, oil and gas processing facilities, automotive and general industrial markets. For more information, visit http://www.cwfc.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 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 electronics 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.
SOURCE Curtiss-Wright Corporation
-0- 05/24/2004
/CONTACT: Alexandra Magnuson of Curtiss-Wright Corporation,
+1-973-597-4734/
/Web site: http://curtisswright2014.q4web.com
http://www.cwfc.com /
(CW CWB)
CO: Curtiss-Wright Corporation; NOVA Machine Products Corporation;
Trentec, Inc.; Department of Energy; Curtiss-Wright Flow Control
ST: New Jersey, New York
IN: MAC MNG AUT CST OIL
SU: TNM
NM
-- NYM214 --
0511 05/24/2004 16:30 EDT http://www.prnewswire.com