News Details
CURTISS-WRIGHT ACQUIRES COLLINS TECHNOLOGIES
March 03, 2003
Acquisition Makes CW Motion Control Second Largest Provider of Aerospace Electronic Interface Devices Worldwide
LYNDHURST, N.J., Mar 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- Curtiss-Wright Corporation (NYSE: CW, CW.B) today announced the acquisition of Collins Technologies, a G.L. Collins Corporation company for $12 million. It will become part of Curtiss-Wright Controls business segment.
Collins Technologies, a private company based in Long Beach, CA, with 2003 projected sales of $9.5 million, designs and manufactures Linear Variable Displacement Transducers (LVDTs), primarily for aerospace flight and engine control applications on platforms such as the Airbus A320 commercial transport, Embraer 135/145 regional jet, and F-16 fighter aircraft. Industrial LVDTs are used mostly in industrial automation and test applications.
Commenting on the acquisition, Martin Benante, Chairman and CEO of Curtiss-Wright stated, "This is a key acquisition for our Motion Control business segment. It increases our market segment share and positions us as the second largest provider of aerospace electronic interface devices in the world. The acquisition adds GE as a strategic engine OEM customer for their CFM-56 engine, one of two engine choices for the Airbus A320 aircraft. With our UK based, Penny & Giles business already providing position sensors for the alternative Rolls Royce engine, the Controls business segment will have content on all A320 aircraft. Additionally, the Controls segment will have flight control position sensors on both the Boeing and Airbus platforms, as well as on Embraer's 135/145 and 170/190 regional jets.
"One of Curtiss-Wright's key strategic growth initiatives has been to establish its presence in North America as a supplier of aerospace electronic interface devices to compliment its existing position in Europe. This acquisition accomplishes that goal." Mr. Benante concluded.
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 4,200 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 Corporation,
+1-973-597-4721,
[email protected]