Curtiss-Wright Issues Statement on Its Nuclear Power Generation Business Following Recent Events in Japan

/ Source: GlobeNewswire

PARSIPPANY, N.J., March 15, 2011 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today issued the following statement regarding its nuclear power generation business in light of the recent earthquake and tsunami in Japan and the ensuing damage to the Fukushima reactors:

"Our thoughts and prayers go out to the people of Japan in the face of this extraordinary natural disaster and the inconceivable hardships they are enduring," said Martin R. Benante, CEO and Chairman of Curtiss-Wright Corporation. "While we don't have any plant control equipment at the affected plants, with our long experience and acquired knowledge of the nuclear power generation market, we have been and will continue to work with U.S. and international nuclear regulatory agencies to provide information and assistance to Japan in any way that we can. We would anticipate that the lessons learned from this event will be incorporated into the design and operation of future nuclear power plants worldwide."

Mr. Benante continued, "According to some of the larger reactor designers and construction firms in the nuclear industry, the events in Japan are not expected to have any immediate impact on new nuclear projects currently under construction in the U.S. and China, two key markets for Curtiss-Wright where we are currently manufacturing reactor coolant pumps for Generation III+ commercial nuclear power plants. Throughout our history, we have developed numerous advanced technologies for the global nuclear market and we are proud to be a significant equipment supplier in building the safest and most advanced nuclear power plants in the world. Nuclear energy has been and will continue to be a key element in meeting the world's energy needs."

For over 50 years, Curtiss-Wright has been serving the nuclear power market, including the first U.S. nuclear power plant built at Shippingport, PA, and the first nuclear submarine for the U.S. Navy. Over the years, we have positioned the company to be a leader in critical nuclear technologies through investment in advanced product design and development.

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 . 

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 regarding future design and operation of nuclear plant products, the impact of the tragedy in Japan on the nuclear industry, and the future demand for, design of, and performance of Generation III+ commercial nuclear power plants 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 (973) 541-3766