CURTISS-WRIGHT ACQUIRES IMR TEST LABS
Establishes New Technical Service Offering for Surface Technologies Customers.
PARSIPPANY, N.J. – July 22, 2011 – Curtiss-Wright Corporation (NYSE:CW) announced today that it has acquired the assets of IMR Test Labs (IMR), a leading provider of mechanical and metallurgical testing services for the aerospace, power generation and medical markets. IMR had sales of approximately $14 million in 2010. This business will become part of Curtiss-Wright’s Surface Technologies segment.
“This acquisition is consistent with our strategy of diversifying Curtiss-Wright’s portfolio of metal treatment services,” said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. “The addition of IMR enables us to enter a highly technical service niche in the manufacturing value chain for components used in premium industrial markets. Material testing is utilized in the on-going quality assurance of raw materials for production manufacturing as well as for the validation of new component designs.
“IMR will become the cornerstone of a new engineered service business unit for Curtiss-Wright that is synergistic with our Surface Technologies segment’s current capabilities,” Mr. Benante added.
IMR’s complete range of testing capabilities includes fatigue testing, metallurgical analysis, chemical analysis, mechanical testing, failure analysis and training. Its facilities are A2LA and Nadcap accredited. IMR is also certified by major original equipment manufacturers across the U.S. With a staff of 115 that includes 29 engineers and chemists, IMR has expertise in non-metallic materials, including composites and ceramics, which will facilitate Metal Treatment’s expansion into other high technology markets and services.
IMR is headquartered in Ithaca, NY and operates state-of-the-art laboratory facilities in NY, Louisville, KY, and Portland, OR. The company also is in the process of opening a facility in Singapore to support the growing Asian aerospace industry.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and metal treatment to the defense, energy and commercial/industrial markets. The legacy company of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of design and manufacturing innovation along with long-standing customer relationships. The company employs approximately 7,700 people worldwide. For more information, visit www.cwst.com.
About Curtiss-Wright Surface Technologies
Curtiss-, headquartered in Paramus, NJ, is the Metal Treatment business segment of Curtiss-Wright Corporation. This business segment provides precision shot peening, laser peening, heat treating and protective coating services to the aerospace, automotive, power generation and general industrial markets through a global network of locations. For more information, visit www.cwst.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 the IMR Test Labs, the future opportunities associated with the acquisition, and the success of the Company integrating IMR Test Labs into its Metal Treatment 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 US 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.