CHARLOTTE, N.C., Jan. 13, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has sold the assets of its Douglas Equipment (Douglas) business to a subsidiary of Textron Inc. (NYSE:TXT).
"This transaction aligns with our stated objective to divest non-core operations as part of our previously outlined operating margin improvement initiatives," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Furthermore, it enables us to focus on our core commercial aerospace businesses, while also providing a better strategic fit for Douglas' product portfolio. Overall, this supports our long-term goals of significant free cash flow generation and operating margin expansion."
Founded in 1947, Douglas, located in Cheltenham, U.K., is a supplier of commercial aviation ground support vehicles, including a range of towbarless and conventional aircraft tractors and runway friction measuring devices. Douglas sells to many of the world's airlines and ground handling companies. Its tractors are in use in the U.S., Canada, U.K., Italy, Greece, Germany, the Middle East, Africa, Australia, China and other Asia Pacific countries.
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 Douglas' 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