PARSIPPANY, N.J., March 4, 2011 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has been awarded a contract, that when fully funded, is expected to be in excess of $66 million to provide valves that meet the demanding needs for the next six U.S. Navy Virginia-Class submarine nuclear propulsion systems. The award from Bechtel Plant Machinery, Inc. (BPMI) is for an initial two ship-sets, with options for another four ship-sets to be funded at two ship-sets per year in 2012 and 2013. Curtiss-Wright's Flow Control segment will perform the work at its facility in East Farmingdale, NY. Delivery of these components is scheduled for the 2012 through 2018 timeframe.
"We are very pleased to have been awarded this important naval defense contract," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Our continuous improvement programs and innovation resulted in us achieving the cost reduction goals that supported the production increase of Virginia-Class submarines from one sub to two subs per year. Since the inception of nuclear powered ships, our commitment to providing advanced, reliable technologies and our strategic investment in innovative technologies has ensured our continued participation in this defense program."
For over 50 years, Curtiss-Wright has supplied technologically advanced products and services to the U.S. Navy, particularly for nuclear propulsion systems. Curtiss-Wright's innovative, high-performance products can be found aboard nuclear submarines and aircraft carriers owned by the U.S. Navy, ensuring safe, reliable operations. In addition, the company's technology advances, including more power-dense motors and enhanced valve designs, enable more efficient operations, increasing safety and reducing manpower and overall cost.
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 .
The Curtiss-Wright Corporation logo is available at
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 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. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our valve manufacturing capability, the value of the contract, the continued relationship with an existing customer, the successful implementation and funding of this government 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 U.S. 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 (973) 541-3766