CHARLOTTE, N.C., June 15, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) announced today that it has been awarded contracts valued at over $480 million when fully funded to supply pumps, valves, generators and propulsors for the U.S. Navy's Block IV Virginia Class Submarine Program. The Navy's Block IV contracts cover 10 submarines, two per year from fiscal years 2014 through 2018. Thus far, more than $330 million of funding has been allotted to these contracts, with the remaining funding to be provided incrementally. The Curtiss-Wright Electro-Mechanical Systems (EMS) Division facilities in Cheswick, PA and Bethlehem, PA and the Curtiss-Wright Industrial Division facility in East Farmingdale, New York are performing the work under these contracts. Engineering and manufacturing has commenced and will continue through 2019.
"We are very proud to have been awarded these contracts, which continue Curtiss-Wright's long-standing relationship and ongoing support for the U.S. Navy's nuclear powered Virginia Class Submarine program," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "These submarines remain critically important to our national defense, and our continuous improvement and cost reduction initiatives have supported the U.S. Navy in its efforts to contain costs while providing critical resources required by the Navy. Since the inception of nuclear powered submarines, Curtiss-Wright's commitment to providing critical and reliable technologies has ensured our continued participation in these indispensable programs."
For over 55 years, Curtiss-Wright has supplied technologically advanced products and services to the U.S. Navy, particularly for nuclear propulsion systems. The company's innovative, high-performance products can be found aboard all nuclear submarines and aircraft carriers currently in the U.S. Navy's fleet, ensuring safe, reliable operations. Curtiss-Wright technologies, such as power-dense motors and enhanced valves, enable more efficient operations, reduce manpower and overall cost, and increase personnel and ship safety.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and power markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 9,000 people worldwide. For more information, visit www.curtisswright.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 future performance of our products, the continued relationship with an existing customer, the success of these naval defense programs and future opportunities and potential value associated with these contracts and the submarine 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