To Supply Reactor Coolant Pumps For U.S. AP1000(TM) Nuclear Power Plants
ROSELAND, N.J., May 6, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has signed an agreement with Westinghouse Electric Company LLC to provide reactor coolant pumps (RCPs) for up to four AP1000(TM) Generation III+ commercial nuclear power plants or a total of 32 RCPs. In conjunction with the agreement, Curtiss-Wright has received purchase orders valued in excess of $300 million to supply the first 24 domestic AP1000 RCPs. The RCPs will be used in Westinghouse's AP1000 design reactors which will produce 1,100 megawatts each. Curtiss-Wright's Electro-Mechanical Division (CW-EMD), a division of the Flow Control segment, will produce the RCPs at its Cheswick, PA facility.
"This landmark agreement is the largest commercial power order in Curtiss-Wright's history and signals that the domestic nuclear power renaissance is underway," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Nuclear power is increasingly recognized as a clean, reliable and economic source of electricity that will help build U.S. energy independence at a time when it is needed more than ever. We have developed numerous advanced technologies for the global nuclear market and we are proud to be a significant and critical player in building the safest and most advanced nuclear power plants in the world."
The agreement follows Curtiss-Wright's September 2007 award to supply AP1000 RCPs for the Sanmen and Haiyang plants located in the People's Republic of China. The RCPs circulate coolant for the reactor and are one the major components of the AP1000 design. They are the largest canned motor pumps ever designed and manufactured by CW-EMD.
For over 50 years, Curtiss-Wright has been serving the nuclear power market, including the first U.S. nuclear power plant built at Shippingport, PA, and the first nuclear submarine. Over the years, it has positioned itself to be leader in critical nuclear technologies through investment in advanced product design and development.
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 commercial nuclear power contract with an existing customer. Such statements, including statements relating to Curtiss-Wright Corporation's expectations related to the value or potential value of the purchase orders, performance and timing of performance under these purchase orders, and any associated opportunities related to these purchase orders, 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: certain regulatory, state, and local government approvals, a reduction in anticipated orders; an economic downturn; changes in competitive marketplace and/or customer requirements; a change in U.S. government spending; a change in political philosophy of the U.S. government, 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
Copyright (C) 2008 PR Newswire. All rights reserved
News Provided by COMTEX