PARSIPPANY, N.J., Nov. 6, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) announced today that it has been awarded contracts valued at approximately $50 million to supply valves for the U.S. Navy's Virginia Class Submarines, Ford Class Aircraft Carriers and Nuclear Propulsion Training Units. The awards were received from Bechtel Plant Machinery, Inc. (BPMI), NAVSUP Mechanicsburg and General Dynamics Electric Boat. The Curtiss-Wright Flow Control facility in East Farmingdale, N.Y. will perform the work under these contracts. Engineering and manufacturing is expected to commence immediately and will continue through 2017.
"We are very pleased to have been awarded these contracts, which continue Curtiss-Wright's long-standing relationships and ongoing support for U.S. naval defense programs," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "These platforms remain critically important to our national defense and our continuous improvement and cost reduction initiatives have supported the U.S. Navy in its efforts to contain costs while providing the critical resources required by our armed services. Since the inception of nuclear powered ships, Curtiss-Wright's commitment to providing the most advanced and reliable technologies has ensured our continued participation in this defense program."
For over 50 years, Curtiss-Wright has supplied technologically advanced products and services to the U.S. Navy, particularly for nuclear propulsion systems. The company's innovative, high-performance products can be found aboard nuclear submarines and aircraft carriers commissioned by the U.S. Navy, ensuring safe, reliable operations. In addition, Curtiss-Wright technologies, such as power-dense motors and enhanced valves, enable more efficient operations, reduce manpower and overall cost, and increase safety. These recent contracts reflect support of shipbuilding, training platform retrofits and ready spare valves to be installed in the propulsion, submarine safety and ship's service systems.
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 Flow Control
Curtiss-Wright Flow Control (CWFC) specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, a range of critical national defense programs and the industrial controls market. CWFC's innovative, high performance products are installed on submarines and aircraft carriers owned by the U.S. Navy and set the standard for safety, quality and reliability in the operation of power plants and other industrial sites worldwide. Based in Charlotte, N.C., the company has more than 3,400 employees worldwide. For more information, visit www.cwfc.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 future performance of our products, the continued relationship with an existing customer, the successful implementation and the success of these naval defense programs and future opportunities associated with these programs, 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 Exchange Act of 1934, as amended, for further information.
CONTACT: Jim Ryan (973) 541-3766