CHARLOTTE, N.C., July 16, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that its Defense Solutions division has received a production award from Lockheed Martin to provide the Turret Drive Servo System (TDSS) for use in the British Army's new SCOUT Specialist Vehicle (SV). Curtiss-Wright's TDSS will provide weapon stabilization for the SCOUT Reconnaissance vehicle, which is expected to replace the older Scimitar vehicle. This new production award, valued at approximately $49 million, follows Curtiss-Wright's successful completion of the program's demonstration phase, which commenced in 2010 and was valued at $13 million. Under the terms of this new award, shipments are expected to begin in 2015 and continue through 2021.
"Curtiss-Wright is proud to have been selected by Lockheed Martin to provide our electromechanical aiming and stabilization system for use on the SCOUT Reconnaissance vehicle," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "As a leader in the design and development of rugged turret drive systems for military vehicles, we are pleased to participate in this important program for the U.K's. Ministry of Defence."
The TDSS was designed, developed, and will be manufactured at Curtiss-Wright's Drive Technology business in Neuhausen, Switzerland. The products covered by the contract will be delivered to Lockheed Martin where they will be integrated onto the turrets at their manufacturing facility in Ampthill, U.K. For more information about Curtiss-Wright's Drive Technology products, please visit www.curtisswrightds.com.
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. Such statements, including statements relating to Curtiss-Wright's expectations of future performance of this contract, the continued relationship with a customer, the future success and duration of this ground defense program and the future opportunities associated with this ground defense program, 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.
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