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Curtiss-Wright Acquires Nuclear Power Services Inc. (NPSI)(February 18, 2014)
CHARLOTTE, N.C., Feb. 18, 2014 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has completed the acquisition of the assets of Nuclear Power Services Inc. (NPSI) for approximately CAD 9.0 million (approximately $8.0 million) in cash. NPSI is a leading supplier of products and services to the Canadian nuclear market. The acquired company will operate within Curtiss-Wright's Energy segment.
"The acquisition of NPSI expands our nuclear manufacturing and test operations by providing an enhanced channel to the international fleet of Canadian-designed nuclear power plants," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "Further, NPSI strengthens our leadership position in the areas of equipment qualification and Commercial Grade Dedication (CGD) services, where we expect to leverage the synergies that exist between our existing equipment testing businesses. Once again, this transaction is consistent with our stated acquisition strategy to target smaller, strategic, bolt-on companies, while enhancing our overall operating margins over time. It also builds on Curtiss-Wright's versatile and powerful nuclear infrastructure focused on providing solutions for operating reactors throughout the world."
Founded in 2000, NPSI operates an equipment manufacturing and test facility in Canada. The facility provides replacement equipment, aftermarket parts and testing services that improve the safety, reliability and extend the life of operating nuclear power plants. NPSI's customers include both the owner/operators of nuclear power plants and the original equipment manufacturers (OEMs) who supply critical components to the nuclear industry.
NPSI has approximately 20 employees and is expected to generate sales of approximately $5 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 10,000 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 performance of NPSI, the future opportunities associated with the acquisition, and the success of the Company integrating NPSI into its Energy 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 U.S. 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
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