News Details
ROSELAND, N.J., Oct 01, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Leading Designer of OEM Solenoids for General Industry
Curtiss-Wright Corporation (NYSE: CW) today announced that it has acquired Mechetronics Ltd for $2.8 million. Mechetronics develops and supplies solenoids and solenoid valves for industrial markets. The business will become part of Curtiss-Wright's Motion Control segment.
"The addition of Mechetronics expands Curtiss-Wright's leadership in the supply of OEM solenoid design and manufacturing. Mechetronics brings extensive experience in the design of industrial solenoids, including manufacturing in China, and complements our aerospace and defense solenoid businesses in North America and Europe," said Curtiss-Wright Chairman and CEO Martin R. Benante.
Mechetronics is a global supplier of solenoids and solenoid valves to original equipment manufacturers (OEMs). A solenoid is an electromagnetic actuator used as a mechanical switch or integrated with a valve to provide control in pneumatic or hydraulic systems. The Mechetronics products are used in a variety of applications including business machines, switchgear and vehicle braking systems.
Originally founded in 1918, today Mechetronics is a leading solenoid supplier in the U.K. with expected sales of $11 million in 2008. Operations are headquartered in a 27,000 square-foot facility in Bishop Auckland, U.K., and include a new production facility opened in Zhuhai, China in 2007. Mechetronics employs 65 people.
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 specialized metal treatment services. The firm employs approximately 7,600 people worldwide. For more information about Curtiss-Wright visit curtisswright2014.q4web.com.
ABOUT CURTISS-WRIGHT MOTION CONTROL
Headquartered in Charlotte, N.C., Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation. With manufacturing facilities around the world, Curtiss-Wright Controls is a leading technology-based organization providing niche motion control products, subsystems and services internationally for the aerospace and defense markets. For more information, visit www.cwcontrols.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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for future performance and opportunities, 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
http://curtisswright2014.q4web.com
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