News Details
Stress Wave Analysis Technology for Critical Equipment Monitoring
ROSELAND, N.J., Sept. 5 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired the assets and certain liabilities of TechSwan, Inc. (dba Swantech) of Fort Lauderdale, FL for $3.6 million. Swantech has developed advanced software to monitor, predict and evaluate the operating condition of high performance critical equipment, primarily in the marine, power and process markets. The business will become part of Curtiss-Wright's Flow Control segment.
Swantech's patented Stress Wave Analysis (SWAN) technology incorporates hardware and web-based software to detect minute levels of friction in any component where deterioration is problematic, enabling operators to identify deteriorating health well in advance of conventional vibration and temperature based monitoring systems, thus avoiding unscheduled downtime.
"The acquisition of Swantech enhances our highly engineered equipment business by providing a state-of-the art diagnostic system to identify critical machinery failures before they occur," said Curtiss-Wright Chairman and CEO Martin R. Benante. "This patented technology complements our high performance products in the processing, nuclear power, and defense markets, presenting us with an excellent opportunity for expansion in these growth markets."
Swantech has projected sales of $1.5 million for 2006. The company holds six U.S. patents and one European patent, and has additional patents pending. Customers include the major luxury cruise ship companies, as well as leading players in aerospace, defense, transportation, power generation, and oil and gas processing industries.
ABOUT CURTISS-WRIGHT
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 6,000 people worldwide. More information on Curtiss-Wright can be found at http://curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT FLOW CONTROL
Curtiss-Wright Flow Control Corporation specializes in the design and manufacture of highly engineered valves, pumps, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's 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 2,000 employees worldwide and is the Flow Control operating segment of Curtiss-Wright. For more information, visit http://www.cwfc.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, current expectations, estimates and projections. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for future financial performance, 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 and Foreign 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
CONTACT:
Alexandra M. Deignan for Curtiss-Wright Corporation,
+1-973-597-4734