News Details
CURTISS-WRIGHT AWARDED $39 MILLION CONTRACT FOR SOUTH AFRICAN ARMY COMBAT VEHICLES
June 16, 2008
AWARD FOR DELIVERY OF TURRET DRIVE AND WEAPON ACTUATION SYSTEMS
ROSELAND, N.J., June 16, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has received a $39 million phased contract from South African defense manufacturer Denel Land Systems to supply drive and actuation systems for use in new-generation infantry combat vehicles (ICVs) for the South African Army. Development of the systems is scheduled to start this year, with production scheduled to run from 2011 to 2018.
"We are excited to announce this award, which demonstrates the superiority of our advanced technologies on a global basis," said Martin R. Benante, Chairman and Chief Executive Officer of Curtiss-Wright Corporation. "We are proud of our longstanding partnership with Denel Land Systems and look forward to utilizing Curtiss Wright's 50-plus years of engineering leadership to work on the ICV program."
Curtiss-Wright's Motion Control segment will supply the turret drive system as well as the actuation systems for the mortar and missile launcher. The ICV is an 8X8 wheeled vehicle in the 25-ton class, equipped with various turret and on-board options to provide infantry troops with motorized transportation and protection. Denel Land Systems will develop five variations of the combat vehicles -- Command, Mortar, Missile, Section and Fire Support - - each with a distinct turret configuration.
Curtiss-Wright will develop and manufacture the initial drive and actuation systems for all variants of the ICV at the company's facility in Neuhausen, Switzerland. Manufacturing will be localized during the series production phase in support of the industrial participation programs of Armscor and the Department of Trade and Industry. Denel Land Systems, a division of Denel (Pty) Ltd. and prime contractor on the ICV program, will supply the vehicles in South Africa under a 2007 contract from Armscor, the Armaments Corporation of South Africa.
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 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 CONTROLS
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 for the aerospace, defense, naval and industrial 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. Such statements, including statements relating to Curtiss-Wright's expectations of value of the contract, future performance of our development work, the continued relationship with an existing customer, the successful implementation of this government program, the continued political support for this military program by a foreign government, the continued foreign government spending in support of this program, and the future opportunities associated with this program, 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 relations and 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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