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Curtiss-Wright Acquires Groquip
Establishes Direct Presence in Largest Processing Market Worldwide
ROSELAND, N.J., July 12 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation
(NYSE: CW; CW.B) today announced the acquisition of Groth Equipment Corporation
of Louisiana ("Groquip") for approximately $4.6 million in cash and stock.
Groquip will operate as a business unit of the Flow Control segment ("CWFC") of
Curtiss-Wright Corporation.
With sales of approximately $10 million in 2003, Groquip is a market leader in
the hydrocarbon and chemical processing industries. Groquip provides products
and services for various pressure-related processes that ensure safe operation
and regulatory compliance. Groquip is a manufacturer's sales representative
for rupture discs, conservation vents, fire and gas detectors and pressure
relief valves. They also provide field and in-shop service and repairs for
pressure relief valves and a variety of specialty valves.
Since the company's inception in 1960, Groquip has provided sales
representation and local stock and service for the pressure relief valve
product line of Farris Engineering, a business unit of CWFC. Groquip's strong
reputation has resulted in key customer relationships with BASF, Chevron
Texaco, Citgo, ConocoPhillips, Dow, DuPont, Entergy, Exxon Mobil, Formosa,
International Paper, Kaiser, Lyondell/Equistar, Marathon, Monsanto, Motiva and
Shell.
"This acquisition supports our long term strategy to strengthen our operations
in the Gulf Coast region and to expand CWFC's portfolio of highly engineered
products and services for the processing industry," said Martin R. Benante,
Chairman and CEO of Curtiss-Wright. "Ultimately, this creates a much stronger
platform to directly serve our customers and other Gulf Coast assemblers in one
of the largest processing markets in the world."
Groquip employs approximately 63 people and is headquartered in Geismar,
Louisiana where it operates as a manufacturer's sales representative with
stocking and service capabilities. Groquip has an additional sales and service
center located in Sulphur, Louisiana.
About Curtiss-Wright
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 5,000 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 and other industrial
applications. 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 Magnuson, +1-973-597-4734, for Curtiss-Wright
Corporation
Web site: http://www.curtisswright.com/
http://www.cwfc.com/