Curtiss-Wright Acquires Valve Systems and ControlsCurtiss-Wright Acquires Valve Systems and Controls
Expands Leadership in Oil and Gas Technology
ROSELAND, N.J., June 1 / -- Curtiss-Wright Corporation (NYSE:CW) announced today that it has acquired certain assets and certain liabilities of Valve Systems and Controls (VSC) of Houston, Texas, for approximately $75 million. VSC provides critical valve, automation, and controls solutions for all facets of flow control operations to the oil and gas market. The business will become part of Curtiss-Wright's Flow Control segment.
"The acquisition of VSC further establishes Curtiss-Wright as a leader in turnkey coker system solutions which is particularly attractive given the tremendous growth in project work in the oil and gas processing market," said Curtiss-Wright Chairman and CEO Martin R. Benante. "Building on our growing installed base in the U.S., we have enhanced our ability to deliver and integrate critical hardware with control systems which makes Curtiss-Wright the partner of choice in coker systems globally."
VSC has been a long-standing partner with DeltaValve, a business unit of Curtiss-Wright Flow Control, delivering critical valve, automation and control system products for the delayed coke deheading process in oil refineries. VSC is the exclusive channel to market for DeltaValve products for North and South America and has been a driving factor in DeltaValve's growth. In addition, VSC provides valve automation, process control and protection technology, project engineering and aftermarket field services to related secondary refining processes, oil production platforms and storage facilities, liquefied natural gas (LNG) terminals and storage facilities, natural gas pipeline operations, and power generation facilities.
Founded in 1974, VSC, sales in 2007 are expected to be approximately $60 million. VSC's customers include virtually all of the well known engineering contractors and integrated oil and gas companies, with a primary focus in North and South America. VSC has 65 employees and is headquartered in Houston, TX, with small satellite offices in Baton Rouge, LA, and Seoul, South Korea.
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 6,200 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 and is the Flow Control operating segment of Curtiss-Wright Corp. (NYSE:CW) headquartered in Roseland, NJ. For more information, visit www.cwfc.com.
Source: Curtiss-Wright Corporation
CONTACT:Alexandra M. Deignan of Curtiss-Wright Corporation,
+1-973-597-4734
Web site: www.curtisswright.com/ www.cwfc.com/
