CHARLOTTE, N.C., Dec. 17, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has sold its Cimarron Energy, Inc. ("Cimarron") business to Turnbridge Capital, LLC for $100 million in cash.
"This transaction is consistent with our stated objective to divest non-core operations in support of our operating margin improvement initiatives and our drive to become a top quartile performer in our peer group," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "Despite Cimarron's solid track record serving the upstream oil and gas market, we did not possess enough scale or critical mass to ensure that we would capture a leading position. As a result, we believe that these assets will be a better strategic fit with a new owner that is more strategically aligned with the oil and gas market. Overall, Curtiss-Wright remains committed to our long-term goals of generating significant free cash flow and operating margin expansion."
Cimarron provides production, processing and environmental equipment and solutions essential to the production of oil and gas. Its energy production and processing equipment includes separators, combination separator/hydrator units, flow back and oil treating equipment. Cimarron also manufactures a full suite of environmental solutions that control toxic well site emissions, provide improved equipment energy efficiency and enable remote monitoring of equipment functions. Products include emission control devices, burner management systems and vapor recovery towers, as well as re-manufactured and repaired production and processing equipment and related parts.
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 10,000 people worldwide. For more information, visit www.curtisswright.com.
Certain statements made in this release, including statements about Curtiss-Wright's execution on its strategy, and Cimarron's product lines 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, 2013 and subsequent reports filed with the Securities and Exchange Commission.
CONTACT: Jim Ryan (973) 541-3766