News Details
CURTISS-WRIGHT ANNOUNCES SALE OF ENGINEERED PACKAGING BUSINESS
July 02, 2015
CHARLOTTE, N.C., July 2, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has sold substantially all of the assets and liabilities of its Engineered Packaging business to Atrenne Integrated Solutions, Inc., an affiliate of RFE Investment Partners.
"This transaction aligns with our long-term objective to improve operating margins, increase cash flow, and position Curtiss-Wright for sustained growth," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Furthermore, it enables us to focus on our core businesses, while also providing a better strategic fit for their product portfolio. The divestiture of this non-core operation further enables Curtiss-Wright to become a top-quartile performer in our peer group."
Founded in 1978, the Engineered Packaging business, located in Littleton, Mass., has developed unique expertise in electronic packaging solutions that are specifically tailored to operate in a variety of demanding real-world environments for leading military and aerospace customers. Those solutions include features such as extreme cooling of high-powered electronics, enhanced signal integrity properties, small dimensional footprint and weight, and intense ruggedness, including the ability to withstand heat, shock, vibration, acceleration, humidity, sand, dust, salt and other influences.
ABOUT CURTISS-WRIGHT CORPORATION
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 9,000 people worldwide. For more information, visit www.curtisswright.com.
Certain statements made in this release, including statements about Curtiss-Wright's execution on its long-term strategy of increasing operating margins and cash flow are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements present management's expectations, beliefs, plans and objectives regarding future financial performance, and assumptions or judgments concerning such performance. Any discussions contained in this press release, except to the extent that they contain historical facts, are forward-looking and accordingly involve estimates, assumptions, judgments and uncertainties. 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 government spending; an inability to perform customer contracts at anticipated cost levels; and other factors that generally affect the business of aerospace, defense contracting, electronics, marine, and industrial companies. Such factors are detailed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and subsequent reports filed with the Securities and Exchange Commission.
CONTACT: Jim Ryan
(973) 541-3766
[email protected]
Source: Curtiss-Wright Corporation