Curtiss-Wright Awarded Contracts In Excess Of $450 Million To Provide Reactor Coolant Pumps For Ap1000® Nuclear Power Plants In China

January 05, 2016

CHARLOTTE, N.C., Jan. 05, 2016 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has been awarded contracts valued in excess of $450 million, with a total potential value of approximately $500 million including incentives, by Harbin Electric Power Equipment Company, Ltd. and Shenyang Blower Works Nuclear Pump Company, Ltd. primarily to provide AP1000® plant reactor coolant pumps (RCP) for Generation III+ commercial nuclear power plants.  Curtiss-Wright will provide a total of sixteen reactor coolant pumps supporting various AP1000 plant sites in China.  The shipment of RCPs linked to these contracts is not expected to begin until 2019.

“We are extremely excited to announce the receipt of these new AP1000 contracts, which mark a major milestone in Curtiss-Wright’s history and build on our legacy as a critical provider of next-generation commercial nuclear power plant technology,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation.  “Further, these agreements expand our long-standing relationship with our China partners, and reinforce our ongoing support for China’s growing nuclear power program. Through our innovative reactor coolant pump technology, we are proud to be a significant player in building the safest and most advanced nuclear reactors in the world.”

Previous 2007 China Award

Under a prior contract received in 2007, Curtiss-Wright is producing a total of sixteen RCPs for two AP1000 nuclear plants currently under construction in China, which include Sanmen Units 1 and 2 in Zhejiang Province and Haiyang Units 1 and 2 in Shandong Province.  In November, the Company successfully completed the shipment of the first pair of AP1000 RCPs for Sanmen Unit 1 in China, the world’s first AP1000 nuclear power plant, and recently completed the shipment of the second pair of RCPs for Sanmen Unit 1. Curtiss-Wright expects to ship the remaining twelve RCPs under this original China contract during 2016. The RCPs circulate coolant water throughout the reactor and represent one of the most critical components in the plant design. They are the largest canned motor pumps ever designed and manufactured by Curtiss-Wright.

Curtiss-Wright is producing the RCPs at its Electro-Mechanical Division (EMD) facility in Cheswick, Pa.  EMD, a business unit of Curtiss-Wright’s Electro-Mechanical Systems division, is a world leader in the design, development, manufacture and qualification of the most advanced, proven and reliable critical function pumps, ship service turbine motors, generators, secondary propulsion systems, valves, seals, control rod drive mechanisms and power conditioning electronics.  For over 60 years, EMD has been serving the nuclear power market, including the first U.S. nuclear power plant built at Shippingport, PA, and the first U.S. nuclear powered submarine and aircraft carrier. 

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 energy 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 reactor coolant pump products, the continued relationship with an existing customer, the successful implementation and the success of this reactor coolant pump 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.

Contact: Jim Ryan
(704) 869-4621
jim.ryan@curtisswright.com

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Source: Curtiss-Wright Corporation