To Provide Critical Electrical Components, Propulsion Systems, Pumps and Valves
ROSELAND, N.J., April 7, 2008, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) announced today it has been awarded contracts totaling up to $31 million to provide ship service generators, engineered pumps, secondary propulsion systems, sub-safe ball and swing-check valves for the U.S. Navy's Virginia-Class submarines, SSN-784 and SSN-787. This is an initial order for production and long-lead materials that will be delivered in the 2009-2010 timeframe. The work will be performed by Curtiss-Wright's Flow Control segment at its Cheswick, Pennsylvania; Phillipsburg, New Jersey; and East Farmingdale, New York facilities.
"We are very pleased to have been selected for these important defense contracts," said Curtiss-Wright Chairman and CEO Martin R. Benante. "The Virginia Class Submarine program is a critical part of our national defense and as a result, in the fiscal year 2008 defense budget, Congress provided long-lead funding to support increasing the rate of production of Virginia Class nuclear submarines from one to two per year commencing in year 2011. Since the program's inception, Curtiss-Wright's commitment to providing the most advanced, reliable products and our strategic investment in innovative technologies has ensured our continued participation in this critical defense program."
For over 50 years, Curtiss-Wright has supplied technologically advanced products and services to the U.S. Navy with emphasis on nuclear propulsion systems. Our innovative, high-performance products can be found aboard every nuclear submarine and aircraft carrier commissioned by the U.S. Navy, ensuring safe, reliable operations. In addition, our technology advances, including more power-dense motors and enhanced valve designs, enable more efficient operations, reducing manpower, increasing safety and reducing overall cost.
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. 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 7,600 people worldwide. More information on Curtiss-Wright can be found at www.curtisswright.com/.
About Curtiss-Wright Flow Control Corp.
Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 3,000 employees worldwide and is the Flow Control operating segment of Curtiss-Wright Corp. For more information, visit www.cwfc.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 for a certain defense contract with an existing customer. Such statements, including statements relating to Curtiss- Wright Corporation's expectations for future value of the contracts, the continued success of this defense program, continued funding dedicated to this government program, and opportunities associated with future add on contracts associated with this program, 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 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.
SOURCE Curtiss-Wright Corporation
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