PARSIPPANY, N.J., Nov. 26, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) announced today that it has acquired Cimarron Energy Inc. ("Cimarron"), through the acquisition of its parent company Cimarron Energy Holding Company LLC, for approximately $135.1 million in cash. Cimarron is a leading manufacturer of highly customized and engineered energy production, processing and environmental solutions for the U.S. oil and gas industry. The business will become part of Curtiss-Wright's Flow Control segment.
"With the acquisition of Cimarron, Curtiss-Wright is diversifying from our current downstream refining segment into the emerging, high growth U.S. shale oil and gas market in the upstream and midstream segments of the industry," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Its products and services expand our mission-critical, production-focused flow control offerings for the oil and gas industry, and also offer new, high growth production lines focused on the environmental aspects of hydraulic fracturing.
"In addition, Cimarron provides significant opportunities for Curtiss-Wright to build new market share in the U.S. and Canada, as well as international markets. The U.S. has vast reserves of shale oil and natural gas that will help drive the country towards energy independence. We are excited about further diversifying our product portfolio into the robust upstream and midstream markets."
Founded in 1976, Cimarron provides customized, highly engineered production, processing and environmental equipment and solutions essential to the production of oil and gas. Its energy production and processing equipment includes separators, combination separator/hydrator units, flow back and oil treating equipment. Cimarron also manufactures a full suite of environmental solutions that control toxic well site emissions, provide improved equipment energy efficiency and enable remote monitoring of equipment functions. Products include emission control devices, burner management systems and vapor recovery towers, as well as re-manufactured and repaired production and processing equipment and related parts. Headquartered in Norman, Okla., Cimarron has 368 employees. Its 2012 sales are expected to be approximately $124 million.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation is an innovative engineering company that provides highly engineered, critical-function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation and prides itself on long-standing customer relationships. The company employs approximately 8,300 people worldwide. For more information, visit www.curtisswright.com.
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About Curtiss-Wright Flow Control Segment
Curtiss-Wright Flow Control Company, headquartered in Falls Church, Va., is the Flow Control business segment of Curtiss-Wright Corporation. This business segment designs and manufactures highly engineered valves, pumps, motors, generators, electronics, systems and related products for complex naval defense, power generation, oil and gas and general industrial applications. For more information, visit www.cwfc.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 performance of Cimarron Energy, Inc., the future opportunities associated with the acquisition, and the success of the Company integrating Cimarron Energy, Inc. into its Flow Control 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