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PG314
Issue Date: 8th October 2008
CURTISS-WRIGHT CONTROLS, INC. ACQUIRES MECHETRONICS LTD
Adds OEM solenoid design and manufacturing capabilities
CHARLOTTE, N.C., – Oct. 8, 2008 – Curtiss-Wright
Controls, Inc. announced today that it has acquired Mechetronics Ltd for
$2.8 million. Mechetronics develops and supplies solenoids and solenoid
valves to industrial markets. The business will be organized under Curtiss-Wright
Controls’ Integrated Sensing group.
Mechetronics is a global supplier of solenoids and solenoid valves to original
equipment manufacturers (OEMs) and applications benefiting from these products
include business machines, switchgear and vehicle braking systems.
“The addition of Mechetronics expands Curtiss-Wrights’ leadership
in the supply of OEM solenoid design and manufacturing,” said Curtiss-Wright
Controls President David Adams. “Mechetronics brings extensive experience
in the design of industrial solenoids with manufacturing in China, and complements
our aerospace and defense solenoid businesses in North America and Europe.”
Originally founded in London in 1918 and headquartered in a 27,000-square-foot
facility in Bishop Auckland, U.K., Mechetronics opened a production facility
in Zhuhai, China in 2007. Mechetronics is a leading solenoid provider, employing
approximately 65 people. Sales in 2008 are expected to be approximately
$11 million.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, North Carolina, Curtiss-Wright Controls is the
Motion Control segment of Curtiss-Wright Corporation. With manufacturing
facilities around the world, Curtiss-Wright Controls is a leading technology-based
organization providing niche motion control products, subsystems and services
internationally for the aerospace and defense markets. For more information,
visit www.cwcontrols.com.
About Curtiss-Wright
Curtiss-Wright Corporation (NYSE: CW) is a diversified company headquartered
in Roseland, N.J. The company designs, manufactures and overhauls products
for motion control and flow control applications, and provides metal treatment
services. The firm employs approximately 7,600 people worldwide. More information
on Curtiss-Wright can be found on the Internet at www.curtisswright.com.
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 the potential duration and value of this contract,
the continued relationship with an existing customer, the successful implementation
of this new utility helicopter program and future opportunities associated
with this contract, 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 and Exchange Act of 1934, as amended, for further information.
For further information contact: Freshwater Technology