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Curtiss-Wright Acquires Indal Technologies
Expands Proprietary Technologies for Global Naval Market
ROSELAND, N.J., March 3 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation
(NYSE: CW; CW.B) announced that it has acquired the stock of Indal Technologies
Inc. ("Indal"), a wholly owned subsidiary of Novar plc, for CAD $78 million
(approximately USD $63 million) in cash. Indal will operate as a business unit
of the Motion Control segment of Curtiss-Wright in its Engineered Systems
group.
Indal is considered the market leader in shipboard helicopter handling systems
for naval applications with a global installed base on over 200 ships,
including more than 100 systems deployed in the U.S. Navy. Indal's highly
engineered, proprietary products enable helicopters to land aboard naval
vessels in rough sea conditions. Indal also designs and manufactures
specialized telescopic hangars that provide protection for helicopters aboard
ships and cable handling systems for naval sonar applications. Indal has also
developed an Automated Passenger Bridge (APB) guidance system for boarding and
de-boarding commercial aircraft. The APB provides increased gate utilization,
reduces operating costs and shortens aircraft turn around times.
2005 revenues for Indal are expected to be approximately USD $45 million.
Curtiss-Wright will report 10 months of ownership in 2005. North American
sales represent approximately 42% of projected revenues, including key
platforms such as DDG, DD(X), USCG Deepwater and LPD-17. In addition to the
U.S. Navy and Coast Guard, Indal's current customers include the navies of
Canada, Italy, Malaysia, Turkey, Japan, the U.K. and Australia.
"The acquisition of Indal provides a new channel for a broader naval market
penetration for Curtiss-Wright," said Martin R. Benante, Chairman and CEO of
Curtiss-Wright. "We have a core navy business in nuclear propulsion systems,
embedded computers and sensors, and this acquisition provides a strong
strategic fit. Indal's superior technologies and long-term customer
relationships with 24 navies worldwide will provide a substantial platform for
our Motion Control segment's expansion into the naval market."
Based in Mississauga, Ontario, Canada, Indal owns a 195,000 square foot
manufacturing complex that includes engineering and administration as well as a
comprehensive testing facility which simulates naval vessels for full-scale
flight test platforms. Indal employs 190 full-time employees at its facility,
all of which are expected to continue in their current positions.
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 a variety of metal
treatment services. The firm employs approximately 5,600 people worldwide.
More information on Curtiss-Wright can be found on the Internet at
http://www.curtisswright.com/.
About Curtiss-Wright Controls, Inc.
Headquartered in Gastonia, North Carolina, Curtiss-Wright Controls, Inc. 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, embedded
computers, subsystems and services internationally for the aerospace and
defense markets. For more information, visit http://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, current expectations,
estimates and projections. Such statements, including statements relating to
Curtiss-Wright Corporation's and Indal Technologies' expectations for future
financial performance, 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.
DATASOURCE: Curtiss-Wright Corporation
CONTACT: Alexandra M. Deignan for Curtiss-Wright Corporation,
+1-973-597-4734
Web site: http://www.curtisswright.com/
http://www.cwcontrols.com/