Curtiss-Wright Announces Purchase of TechSwan, Inc
Stress Wave Analysis Technology for Critical Equipment Monitoring
ROSELAND, N.J. - September 5, 2006 - Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired the assets and certain liabilities of TechSwan, Inc. (dba Swantech) of Fort Lauderdale, FL for $3.6 million. Swantech has developed advanced software to monitor, predict and evaluate the operating condition of high performance critical equipment, primarily in the marine, power and process markets. The business will become part of Curtiss-Wright's Flow Control segment.
Swantech's patented Stress Wave Analysis (SWAN) technology incorporates hardware and web-based software to detect minute levels of friction in any component where deterioration is problematic, enabling operators to identify deteriorating health well in advance of conventional vibration and temperature based monitoring systems, thus avoiding unscheduled downtime.
"The acquisition of Swantech enhances our highly engineered equipment business by providing a state-of-the art diagnostic system to identify critical machinery failures before they occur," said Curtiss-Wright Chairman and CEO Martin R. Benante. "This patented technology complements our high performance products in the processing, nuclear power, and defense markets, presenting us with an excellent opportunity for expansion in these growth markets."
Swantech has projected sales of $1.5 million for 2006. The company holds six U.S. patents and one European patent, and has additional patents pending. Customers include the major luxury cruise ship companies, as well as leading players in the aerospace, defense, transportation, power generation, and oil and gas processing industries.
About Curtiss-Wright Flow Control
Curtiss-Wright Flow Control specializes in the design and manufacture of highly engineered valves, pumps, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, and a range of critical national defense programs. CWFC's innovative, high-performance products are installed on every nuclear submarine and aircraft carrier commissioned by the U.S. Navy, and play an integral role 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.
