PARSIPPANY, N.J., April 6, 2011 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has acquired the assets of Douglas Equipment Ltd. ("Douglas"), a leading supplier of ground support vehicles for the defense and commercial aviation markets, for approximately $20 million in cash. The business will become part of Curtiss-Wright's Flow Control segment.
"The acquisition of Douglas provides a major opportunity to expand Curtiss-Wright's capabilities and presence in our core naval defense market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Douglas' products are a strategic fit with the aircraft handling systems currently manufactured by our Flow Control segment, and offer customers an expanded range of platform systems. Additionally, Douglas offers growth potential in the U.S. Navy and foreign navies worldwide, as well as the opportunity to expand into the adjacent market of commercial aircraft handling systems."
Founded in 1947, Douglas is a leading supplier of commercial aviation ground support vehicles, including a range of towbarless and conventional aircraft tractors and runway friction measuring devices. They sell to many of the world's leading airlines and ground handling companies. Douglas tractors are in use in the U.S., Canada, U.K., Italy, Greece, Germany, the Middle East, Africa, Australia, China and other Asia Pacific countries. Their defense products include a range of battery-operated traversers for moving helicopters and fighter jets for both ship and land-based deployment. Douglas' defense products are in use with the U.S. and other international navies, including the U.K., Italy, Australia, South Korea, New Zealand, South Africa, India, Japan, Germany and Saudi Arabia. Their aircraft handling special systems are also in use for fighter jet movement on land.
With sales of approximately $28 million in 2010, Douglas employs 135 people and is headquartered in Cheltenham, U.K., with two additional locations at Heathrow Airport, and a U.S. sales and service office in Atlanta, GA.
About Curtiss-Wright
Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, NJ. The company designs and manufactures 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 .
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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 .
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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for the future performance of the Douglas Equipment business unit, the future opportunities associated with the acquisition, and the success of the Company integrating Douglas Equipment into its Flow Control segment, 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 U.S. 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 (973) 541-3766
