CHARLOTTE, N.C., March 16, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has acquired certain assets and liabilities of Bolt's Metallizing, Inc. (Bolt's). Bolt's is a leading provider of thermal spray coatings for critical aerospace applications, including high velocity oxygen fuel (HVOF) and plasma spray coating capabilities. The acquired business will operate within Curtiss-Wright's Commercial/Industrial segment and will be accretive immediately.
"The acquisition of Bolt's is complementary to our existing engineered coatings offerings, adding high-technology services to our Surface Technologies business," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "This is consistent with our stated acquisition strategy of targeting strategic bolt-on companies and is expected to support our objectives of margin expansion, cash flow generation and solid return on invested capital. Further, it reinforces Surface Technologies' strategic objective to advance up the technological chain and expand the breadth of their technology and customer bases. Bolt's is located in a major US aerospace manufacturing area where we do not currently maintain a coatings presence, and this acquisition is expected to generate significant opportunities for technology transfer within our worldwide services network."
Bolt's specializes in the application of oxidation resistant and abradable coatings for turbine engines and HVOF wear coatings for landing gear components. In addition to thermal spray coatings, the business has onsite capability for welding and brazing, which enables turnkey repairs of turbine engine components. Bolt's operates out of a 20k ft2 facility in Phoenix, AZ, and is NADCAP and ISO 9001 accredited. Bolt's has approximately 25 employees and generated sales of approximately $6 million in 2014.
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 9,000 people worldwide. For more information, visit www.curtisswright.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 opportunities associated with the acquisition, the success of transferring the Bolt's technology throughout our existing world-wide network, and the success of the Company integrating Bolt's into its Commercial/Industrial 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