PARSIPPANY, N.J., Oct. 7, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has completed the acquisition of 100% of the membership interests of Arens Controls, LLC (Arens) for $98 million in cash. Arens is a leading designer and manufacturer of highly-engineered, precision operator interface controls and power management systems for commercial and off-road industrial vehicles. The acquired business will operate within Curtiss-Wright's Controls segment.
"The acquisition of Arens complements our previous acquisitions of Williams Controls and PG Drives, further strengthening and growing Curtiss-Wright's existing industrial controls business," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "This is another step toward our vision of being the supplier of choice for operator control subsystems and critical drivetrain components in specialty vehicles. As a leading designer and manufacturer of critical vehicle controls technologies, Arens' complementary products and long-standing customer relationships position Curtiss-Wright for increased penetration within the commercial and off-road vehicle markets. Additionally, this acquisition allows us to leverage our global manufacturing footprint to create margin expansion opportunities."
Together, the combination of our industrial controls businesses addresses the long-term trend among commercial and off-road vehicle Original Equipment Manufacturers (OEMs) toward a greater reliance on strategic supply relationships by seeking suppliers who can provide operational flexibility and innovative products across multiple geographic markets. This is particularly evident in China and India, where medium and heavy truck production is forecast to grow significantly over the next few years.
Founded in 1939, Arens is a recognized leader in the production of control system solutions for industrial vehicles, including heavy and medium trucks, buses and off-highway equipment. Arens' market-leading products include vehicle power management, shifters and controls. Its products also address the long-term industry trend toward higher fuel efficiency and lower emissions through the growing demand for Hybrid Electronic Vehicles (HEV). The implementation of more stringent worldwide emissions standards for heavy trucks and specialty vehicles is expected to lead to increased market demand for these products, particularly in China, India and Russia.
Arens, headquartered in Arlington Heights, Ill., has approximately 120 employees and is expected to generate sales of approximately $57 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 Arens Controls, the future opportunities associated with the acquisition, and the success of the Company integrating Arens Controls 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 U.S. 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