PARSIPPANY, N.J., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that through its Metal Treatment segment, it has signed a definitive purchase agreement to acquire the assets of BASF's Surface Technologies business from BASF Corporation. The Surface Technologies business is a leading supplier of metallic and ceramic thermal spray coatings primarily for the aerospace and power generation markets.
"The acquisition of BASF's Surface Technologies business adds a new offering in the area of high technology coatings to Curtiss-Wright's existing portfolio of niche coating technologies. Thermal spray coatings are synergistic with our current offering of highly engineered metal treatment services. We anticipate leveraging this technology for additional growth opportunities across our global network of metal treatment service facilities," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation.
Thermal spray coatings are utilized to protect and enhance a wide variety of critical components used in the aerospace, automotive, diesel, power generation, medical and general industrial markets. These coatings provide thermal barrier protection, abrasion and erosion resistance, high temperature oxidation/corrosion resistance and the capability to serve as a replacement of hard chrome plating. BASF's Surface Technologies business applies several different types of thermal spray coatings, including high velocity oxygen fuel (HVOF), plasma spray and flame spray coatings, which can all be tailored to the specific end use application.
BASF's Surface Technologies business generated sales of approximately $29 million in 2010 and has approximately 150 employees at its three operating facilities located in East Windsor, CT, Wilmington, MA and Duncan, SC. All three facilities are ISO 9001 certified and Nadcap approved for thermal spray coating of aerospace components. The transaction is expected to close within ninety days from signing.
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 Metal Treatment
Headquartered in Paramus, NJ, Curtiss-Wright's Metal Treatment segment provides precision metal treatment services, including shot peening, shot peen forming, laser peening, heat treating and specialty coatings. Its customer base includes the commercial aerospace, automotive, power generation and processing industries. The Company operates 65 metal treatment facilities in North America, Europe and Asia. 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 BASF Surface Technologies business unit, the future opportunities associated with the acquisition, and the success of the Company integrating BASF Surface Technologies into its Metal Treatment 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 US 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