Currys (TG:CWB)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Currys Charts. Click Here for more Currys Charts.](/p.php?pid=staticchart&s=TG%5ECWB&p=8&t=15)
Curtiss-Wright Acquires Government Marine Business Unit Division
of Flowserve
Enhances Market Leading Position in Advanced Marine Technologies
ROSELAND, N.J., Nov. 10 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation
(NYSE: CW; CW.B) today completed the acquisition of the Government Marine
Business Unit ("GMBU") division of Flowserve Corporation, for approximately $28
million in cash. GMBU will operate as a business unit of the Flow Control
segment of Curtiss-Wright Corporation.
With 2003 sales of approximately $26 million, GMBU is a leading designer and
manufacturer of highly engineered, critical function pumps for the U.S. Navy
nuclear submarine and aircraft carrier programs and non-nuclear surface ships.
GMBU has an outstanding reputation as the sole source supplier of main and
auxiliary seawater, fresh water and cooling pumps, coolant purification pumps,
injection, chilled water and other critical pumps. Approximately 85% of this
business supports nuclear programs and 15% supports non-nuclear naval surface
programs. GMBU has a strong and growing aftermarket business for repairs,
refurbishments and parts which constitutes approximately 45% of total sales.
"The acquisition of GMBU provides a significant addition to Curtiss- Wright's
portfolio of highly engineered pumps and motors," said Martin R. Benante,
Chairman and CEO of Curtiss-Wright. "GMBU's advanced marine technologies will
expand product offerings in a core market segment for Curtiss-Wright -- the US
Navy. It also provides an opportunity to expand our content on new non-nuclear
surface platforms such as destroyers, amphibious ships, frigates, cruisers,
mine warfare ships and other foreign military platforms."
Headquartered in Phillipsburg, New Jersey, GMBU has a 300,000 square foot
manufacturing and testing complex that includes engineering and administration
as well as one of the most comprehensive testing facilities in the industry.
GMBU's capabilities in design and testing of pumps and motors are very
complementary to Curtiss-Wright's current facilities and provide an opportunity
for capacity utilization enhancement. The company has 76 full- time employees.
About Curtiss-Wright
Formed in 1929, Curtiss-Wright Corporation is the legacy company of Glenn
Curtiss and the Wright brothers' pioneering achievements which gave birth to
the aviation industry. Today, Curtiss-Wright continues to focus on innovation
as a diversified, global provider of highly engineered, technologically
advanced products and services for military, commercial and industrial
applications. The Company designs, manufactures and overhauls products for
motion control and flow control applications, and provides metal treatment
services. Headquartered in Roseland, New Jersey, Curtiss-Wright employs
approximately 5,400 people worldwide. More information on Curtiss-Wright can
be found on the Internet at http://www.curtisswright.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.
DATASOURCE: Curtiss-Wright Corporation
CONTACT: Alexandra M. Deignan, Curtiss-Wright Corporation,
+1-973-597-4734
Web site: http://www.curtisswright.com/
http://www.cwfc.com/