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Curtiss-Wright Acquires NOVA and Trentec
Significant Addition to Commercial and Government Power Generation Markets
ROSELAND, N.J., May 24 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation
(NYSE: CW; CW.B) today announced that it has acquired the assets of NOVA
Machine Products Corporation ("NOVA") and Trentec, Inc. ("Trentec") for
approximately $33 million. The transaction consideration will be paid with a
combination of cash and common stock. NOVA and Trentec will operate as
business units of Curtiss-Wright Flow Control ("CWFC"), a segment of
Curtiss-Wright Corporation based in Farmingdale, NY.
NOVA is the largest supplier of safety-related fasteners to the U.S. nuclear
power industry and the Department of Energy ("DOE"), and also provides a wide
range of manufactured and distributed products and related services. NOVA is
currently under exclusive contract with many of the U.S. nuclear utilities for
its proprietary Utility Stock Exchange(R) program. This program manages the
utility's inventory and spare parts, and positions NOVA to be the preferred
supplier for nuclear-grade and other critical components. NOVA will expand
this capability to include Curtiss-Wright's current product offerings in the
commercial power generation market.
Trentec's businesses include specialty equipment fabrication, diamond wiresaw
cutting, nuclear power plant equipment qualification, and third-party
dedication and supply of nuclear components. The company is also expanding to
support new DOE contracts for large doors and airlocks. Trentec's customers
include major nuclear power plant developers, including Bechtel, BNFL, Doosan
Heavy Industry Corporation, Hyundai Heavy Industries and Westinghouse, as well
as most nuclear and hydroelectric energy producers.
Aggregate sales for NOVA and Trentec of approximately $30.6 million in 2003
were primarily sold to the commercial nuclear power market, the DOE and the
Department of Defense. In addition to strengthening CWFC's growth potential
with the DOE, there are significant opportunities to support complementary
business with the nuclear Navy and in the oil and gas processing market.
"The acquisition of NOVA and Trentec will provide a significant addition to
Curtiss-Wright's power and government market segments," said Martin R. Benante,
Chairman and CEO of Curtiss-Wright. "Both companies have highly engineered,
core products and services supported by master contracts and long-term utility
relationships. Strategically, NOVA and Trentec will extend our penetration
into the commercial power generation and DOE market segments, supported by
Curtiss-Wright's established sales and marketing resources."
NOVA is headquartered in Middleburg Heights, OH, with distribution centers in
Glendale Heights, IL, and Decatur, AL, and five sales offices throughout the
US. The company currently has approximately 85 employees. Trentec is
headquartered in Cincinnati, OH, and has approximately 67 employees.
About Curtiss-Wright Corporation
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 4,900 people worldwide. The company
will celebrate its 75th anniversary in August 2004. For more information on
Curtiss-Wright, visit 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 Magnuson of Curtiss-Wright Corporation,
+1-973-597-4734
Web site: http://www.curtisswright.com/
http://www.cwfc.com/