For Equipment Used in the Processing and Remediation of Nuclear Waste
PARSIPPANY, N.J., April 19, 2010 /PRNewswire via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has received contracts totaling $11 million from Savannah River Remediation LLC. The contracts are for submersible mixer and transfer pumps for the processing and remediation of nuclear waste materials. The contracts were funded through the American Recovery and Reinvestment Act.
"We are pleased to support this important environmental program with our advanced pumping technologies," said Martin R. Benante, CEO and Chairman of Curtiss-Wright Corporation. "This is another example of our ability to provide highly engineered solutions of profound value that deliver unprecedented performance and reliability to our customer."
The equipment will be installed in large underground tanks at the Department of Energy's Savannah River Site to prepare the highly radioactive waste for processing, and transfer it to on-site remediation facilities. A key feature of Curtiss-Wright's systems is seal-less integration of the motor and pump, permitting the radiation-hardened motor to be directly submerged in the nuclear waste. Submergence of the motor in the waste, elimination of all dynamic seals, and the ability to use the surrounding nuclear waste for motor cooling and lubrication eliminates the major causes of failure associated with traditional approaches to these challenging pumping applications, resulting in increased life and reliability.
Curtiss-Wright's Flow Control segment will design and supply the equipment from its facility in Cheswick, PA. The first delivery is scheduled for November 2010. Savannah River Remediation LLC is the site's liquid waste operations contractor.
Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of specialized metal treatment services. The firm employs approximately 7,600 people worldwide. For more information, visit www.curtisswright.com.
About Curtiss-Wright Flow Control
Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics, systems and related products for the commercial nuclear power industry, oil and gas processing facilities and a range of critical military programs. Its 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 more than 3,400 employees worldwide and is the Flow Control segment of Curtiss-Wright Corporation. 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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of the value of the contract, the successful implementation and funding of this government sponsored program and future opportunities 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 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 Exchange Act of 1934, as amended, for further information.
SOURCE Curtiss-Wright Corporation
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