CHARLOTTE, N.C., June 1, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has sold substantially all of the assets and liabilities of its downstream oil and gas businesses, including the DeltaValve, TapcoEnpro International (TEI) and Groquip business units, to affiliates of Sun Capital Partners Group.
"This transaction represents another critical milestone in our long-term strategy to improve operating margins, increase cash flow, and position Curtiss-Wright for sustained growth," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Similar to the sale of our upstream oil and gas business, we did not possess sufficient critical mass to achieve leading positions across the downstream oil and gas markets served by these assets. The divestiture of these non-core operations will enable us to further focus on becoming a top-quartile performer in our peer group."
DeltaValve provides products and solutions that enhance the heavy crude refining process. This includes secondary processing techniques such as delayed coking, which enables the processing of heavier grades of crude oil and enhanced extraction for refiners including coke drum unheading systems, inline-repairable isolation valves, auto-switch cutting tools and enclosures, and a retractable center-feed device. TapcoEnpro International is a provider of high performance valves, pressure vessels, electro-hydraulic actuator systems, high pressure reactor vessels, Fluid Catalytic Cracking Unit (FCCU) equipment and other mission-critical products and services to the global refining and petrochemical markets. Groquip supplies pipeline and offshore valve and actuation services to oil and gas production and exploration industries, relief valves, pressure storage devices, and rupture discs to the chemical, petrochemical and refining markets, and field and in-shop engineering servicing.
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.
Certain statements made in this release, including statements about Curtiss-Wright's execution on its portfolio rationalization strategy, the assessment of these product lines related to these oil and gas assets, and managements' expectations of achieving top quartile performance 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, 2014 and subsequent reports filed with the Securities and Exchange Commission.
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