PARSIPPANY, N.J., Oct. 1, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has acquired 100% of the shares of Parvus Corporation (Parvus), a business unit of Eurotech S.p.A., for $38 million in cash. Parvus is a leading designer and manufacturer of rugged small form factor computers and communications subsystems for the aerospace, defense, homeland security and industrial markets. The acquired business will operate within Curtiss-Wright's Controls segment.
"The acquisition of Parvus significantly expands Curtiss-Wright's ability to meet the growing demand from global aerospace, defense and industrial customers who require increased miniaturization and Size, Weight and Power (SWaP)-optimized solutions," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "For over 30 years, Parvus has been an industry leader in the production of open standards-based modular processor and networking subsystems optimized to meet the need for rugged, affordable computing for various applications. Their compact modules nicely complement Curtiss-Wright's existing range of higher performance Commercial Off-The-Shelf (COTS) solutions and provide opportunities to extend our combined technologies into new complementary markets, in particular the industrial markets."
Founded in 1983, Parvus is a recognized leader in the design and manufacture of open standard-based modules and systems for C4ISR (Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance) applications in the defense market and various applications in the aerospace, homeland security and general industrial markets. The company's SWaP-optimized solutions, including Rugged Processor Systems, Mobile Networking Subsystems and Industrial Grade Board-Level PC/104 Modules, are used in critical defense applications such as unmanned systems and tactical C4ISR payloads. Product applications for the industrial markets include system monitoring, diagnostics, communications, networking and vetronics subsystem control, most notably to commercial transportation customers. Their capabilities include rapid turnkey subsystems integration and development services, and the design of complete embedded computer systems tailored to meet specific customer requirements through the use of off-the-shelf building blocks and technical expertise. Parvus, headquartered in Salt Lake City, Utah, has approximately 50 employees and is expected to generate sales of approximately $23 million in 2013.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and surface treatment technologies to the defense, energy and commercial/ industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation and prides itself on long-standing customer relationships. The company employs approximately 10,000 people worldwide. For more information, visit www.curtisswright.com.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, N.C., Curtiss-Wright Controls is the Controls segment of Curtiss-Wright Corporation and a leading designer and manufacturer of advanced technologies for niche actuation and drive applications, integrated sensors and controls, and electronic subsystems internationally for the aerospace, defense and industrial 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 Parvus, the future opportunities associated with the acquisition, and the success of the Company integrating Parvus into its 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.
CONTACT: Jim Ryan (973) 541-3766