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Curtis-wright Aquires Benshaw


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Curtiss-Wright Acquires Benshaw Advanced Controls & Drives

 

Expands Leadership in Electronic Motor Controls and Protection Technology

ROSELAND, N.J., Aug. 1 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired the stock of Benshaw Advanced Controls & Drives, of Pittsburgh, PA, for approximately $102 million in cash. Benshaw is a market leader in the design, development and manufacture of mission critical motor control and protection product solutions for leading original equipment manufacturers (OEMs) and industrial customers. The business will become part of Curtiss-Wright's Flow Control segment.

 

As a leading electrical engineering and manufacturing company, Benshaw provides turnkey motor and machine control and protection solutions for OEM customers. In many applications, multiple motors are required to control a process. Benshaw typically controls and protects the complete system with one integrated panel. Benshaw engineers and manufactures a full range of rugged, reliable and internationally compliant products that smoothly control the amount of electrical current provided to motors. Custom panel solutions include a variety of low and medium voltage components, such as starters, drives, contactors, breakers and other related devices. Benshaw has an installed base of over 100,000 control units, with hundreds of custom systems designed.

 

"The addition of Benshaw to the Curtiss-Wright family of companies provides a major opportunity to expand our product offerings in the commercial power, control electronics and systems markets," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Benshaw's expertise in electronic motor control and protection technology will support our growth in high speed motors and AP1000 pumps, as well as providing a low-cost manufacturing resource for future military applications."

 

Benshaw's customers are in the industrial HVAC market as well as the energy processing market, including petrochemicals, power generation, mining and transportation. Sales in 2006 were approximately $82 million. Its reputation as the industry leader in custom control solutions and related services has resulted in a premier customer base of some of the world's largest and most respected companies.

 

Founded in 1983, Benshaw employs approximately 410 people and is headquartered in Pittsburgh, PA, with 9 locations in the U.S. and two in Canada.

 

About Curtiss-Wright

 

Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 6,800 people worldwide. More information on Curtiss-Wright can be found at www.curtisswright.com.

 

About Curtiss-Wright Flow Control Corp.

 

Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 2,000 employees worldwide. 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 future performance and opportunities, 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 and Exchange Act of 1934, as amended, for further information.

 

Posted On: Wednesday, August 01, 2007

 

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