PARSIPPANY, N.J., June 22, 2010 /PRNewswire via COMTEX News Network/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has acquired Specialist Electronics Services, Ltd. (SES) for 15 million pounds Sterling, or approximately $22 million. SES designs and manufactures rugged, security encrypted data recorders, processors, display media and software for aerospace and defense applications. SES will operate within the Integrated Sensing division of Curtiss-Wright's Motion Control segment.
"SES's proprietary designs are based on commercial-off-the-shelf technologies, highly tailored with data security encryption and extreme environmental packaging, which will enhance Curtiss-Wright's leadership position in the aerospace and defense electronic systems market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "While the United Kingdom represents SES's largest current market, integration with Curtiss-Wright offers increased access to mainland Europe and North America."
With estimated 2010 sales of 6.5 million pounds, or approximately $9 million, SES provides a range of rugged products for airborne and other severe environments, with particular expertise in solid state data recording, computing and control display units. Key platforms include fixed-wing, rotary-wing and unmanned aircraft, tactical vehicles and navy vessels. Proprietary technologies include high integrity mission computing, engine monitoring, multi-channel video and data mission recording, rugged and extreme environmental computing, and software for data transmission and technical analysis. Founded in 1991, the company is based in Camberley, U.K. and has 41 employees.
Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, NJ. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of specialized metal treatment services. The firm employs approximately 7,500 people worldwide. For more information, visit www.curtisswright.com.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, NC, Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation and a leading designer and manufacturer of advanced technologies for niche actuation and drive applications, integrated sensors and electronic subsystems internationally for the aerospace and defense markets. For more information, visit www.cwcontrols.com.
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 Specialist Electronics Services, the future opportunities associated with the acquisition, and the success of the Company integrating Specialist Electronics Services into its Motion Controls 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.
SOURCE Curtiss-Wright Corporation
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