News Details
CURTISS-WRIGHT ACQUIRES SELECTED ASSETS OF BRENNER TOOL & DIE COMPANY
November 14, 2002
Acquisition Expected to be Accretive in the First Year
Enables Curtiss-Wright's Metal Improvement Company to Provide One-Stop-Shopping to Key Aerospace Customers
LYNDHURST, N.J., Nov. 14 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW, CW.B) announced the acquisition of selected assets of Brenner Tool and Die, Inc. ("Brenner") relating to Brenner's metal finishing operations in Bensalem, Pennsylvania. The purchase price is $10 million in cash and includes provisions for future consideration to the seller based upon the achievement of specific sales levels. Sales for the acquired business are approximately $6 million on an annualized basis.
The addition of the Brenner operations to Curtiss-Wright's Metal Treatment business segment supports Curtiss-Wright's strategic objective of expanding its ability to provide additional services to its customers. These additional services include non-destructive testing, chemical milling, chromic and phosphoric anodizing and painting operations. Curtiss-Wright's Metal Treatment business segment has an existing shot-peening/peen-forming facility located on the adjacent property to Brenner whose metal finishing operations occupy 128,000 square feet of leased space. This acquisition offers Curtiss-Wright the opportunity to provide an enhanced package of services to key aerospace customers.
Commenting on the acquisition, Martin Benante, Chairman and CEO of Curtiss-Wright stated, "This acquisition supports our strategic objective for our Metal Treatment business segment of going beyond the traditional shot-peening/peen-forming service capabilities it provides. The strategy includes acquiring state-of-the-art aerospace finishing facilities and offering customers a one-stop shopping opportunity. By combining these new services with those already offered by our Bensalem peening facility, we can offer a complete service package that is being required by prime contractors. Curtiss-Wright can now more effectively compete directly with other service providers and will be able to penetrate additional markets."
ABOUT CURTISS-WRIGHT
Curtiss-Wright Corporation is a diversified company headquartered in Lyndhurst, New Jersey. The Company designs, manufactures and overhauls products for motion control and flow control applications and additionally is a provider of metal treatment services. The firm employs approximately 4,100 people. More information on Curtiss-Wright can be found on the Internet at http://curtisswright2014.q4web.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 the 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, 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.
This press release is available at http://curtisswright2014.q4web.com and http://www.portfoliopr.com
SOURCE Curtiss-Wright Corporation
CONTACT:
Gary Benschip of Curtiss-Wright,
+1-201-896-8520, or
[email protected]