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Curtiss-Wright Announces Shipment of First Two AP1000(R) Reactor Coolant Pumps to China

CHARLOTTE, N.C., Nov. 19, 2015 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it successfully completed the shipment of the first pair of AP1000® reactor coolant pumps (RCPs) for Sanmen Unit 1 in China, the world's first AP1000 nuclear power plant. The two RCPs are expected to be on-site in December 2015, in support of key project milestones. The Company also expects to complete production and shipment of the remaining two RCPs for Sanmen Unit 1 by year end.

"The successful shipment of our first-of-a-kind RCPs represents another major milestone achievement for Curtiss-Wright," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. "Having recently completed the full testing and qualification processes for our RCPs, these actions reflect our on-going commitment to safe and reliable AP1000 plant operation. Further, we look forward to continuing our support of China's nuclear power program."

Under prior contracts received in 2007 and 2008 for plant sites in China and the United States, respectively, Curtiss-Wright is producing a total of thirty-two RCPs for four AP1000 nuclear plants currently under construction, which include the Sanmen site in Zhejiang Province, China; the Haiyang site in Shandong Province, China; the Southern Nuclear Vogtle site in Georgia; and the SCANA V.C. Summer site in South Carolina. The shipment of these thirty-two RCPs, which began this month, is expected to continue through 2017. Although a key program milestone, the shipment of RCPs will not be a significant contributor to revenue and profitability, as revenue recognition is based on the percentage of completion method of accounting, which is principally linked to production.

In October, the Company announced that it had successfully completed extensive China regulator reviews and detailed post-test inspections. As a result, the review confirmed that the RCP performed as required during the final performance testing and reached full qualification. The RCP performance met the design requirements which are necessary to support safe and reliable AP1000 plant operation.

Curtiss-Wright is producing the RCPs at its Electro-Mechanical Division (EMD) facility in Cheswick, Pennsylvania (USA).

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.

CONTACT: Jim Ryan (704) 869-4621 jim.ryan@curtisswright.com

Source:Curtiss-Wright Corporation