Curtiss-Wright Reaches Agreement on Commercial Nuclear Power Contracts
To Provide Reactor Coolant Pumps for Westinghouse AP1000 Plants in China
ROSELAND, N.J., July 24 -- Curtiss-Wright
Corporation (NYSE: CW) announced today that it has signed an agreement with
State Nuclear Power Technology Corporation (SNPTC) and has reached an
agreement in principle with Westinghouse Electric Company LLC to provide
reactor coolant pumps for four AP1000 Generation III+ commercial nuclear power
plants to be built in China. The aggregate value of the two agreements,
estimated at approximately $285 million, is comprised of two separate
contracts, one with Westinghouse in the U.S. for pump hardware and a separate
agreement with SNPTC for the technology transfer in China. Curtiss-Wright's
Electro-Mechanical Corporation (CW-EMD), part of its Flow Control segment,
will produce most of the pumps at its Cheswick, PA facility as well as provide
local oversight at the customer's facilities in China.
The projects cover the construction of four nuclear power plants in China
at sites in Sanmen and Haiyang. The reactors will be Westinghouse's AP1000
design and will be 1100 megawatts each. CW-EMD has agreed to supply
Westinghouse 18 reactor coolant pumps which will include some localized
manufacturing with Chinese partners. The SNPTC contract is a technology
transfer agreement that provides a 15-year license for SNPTC to manufacture
reactor coolant pumps exclusively for use on future AP1000 nuclear power
plants in China.
"This is the beginning of a dramatic shift in the global approach to
increasing energy supply worldwide," said Curtiss-Wright Chairman and CEO
Martin R. Benante. "The continued supply constraints and environmental
concerns attributed to our current dependence on fossil fuels have led to a
reassessment of the value of nuclear technology as the most efficient and
environmentally friendly source of energy available today. In addition, we
are very proud to be participating in this nuclear accord with China and with
Westinghouse on the AP1000 new advanced nuclear plant design. This effort
advances our leadership in this critical technology while meeting the energy
needs of the Chinese population."
The U.S. government began working with the Chinese government to support
the bid of a U.S. manufacturer in 2004. The Department of Energy has
participated in the development of the AP1000 and its application in the
international energy community since inception. In 2005, Westinghouse
received Nuclear Regulatory Commission (NRC) design certification and the
Chinese contract represents construction of the first standard AP1000 nuclear
plant design. Curtiss-Wright is complying with all U.S. laws concerning the
export of commercial nuclear power technology.
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 and is the Flow Control operating segment of Curtiss-Wright Corp.
For more information, visit www.cwfc.com.
