CHARLOTTE, N.C., June 22, 2016 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced that it has been awarded contracts valued in excess of $80 million to provide valves for the U.S. Navy’s Virginia-class submarines and Ford-class aircraft carriers. The awards were received from Bechtel Plant Machinery, Inc. (BPMI) and General Dynamics Electric Boat Division to support ship construction and spare parts procurement. Contracts include FY16 orders for two ship sets of submarine propulsion plant valves, a FY16 order for aircraft carrier propulsion plant valves, and the balance of the funding for the Virginia-class submarine Block IV Ship Service Ball valve contract awarded in 2014.
“We are very pleased to have been awarded these important naval defense contracts, which continue Curtiss-Wright’s long-standing relationships and ongoing support of U.S. naval defense programs,” said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation. “These platforms are critical to our national defense and, as such, Congress continues to support their production. Further, our process improvement programs and focus on continuous innovation reinforce the U.S. Navy’s cost and delivery targets, supporting the fleet readiness commitments for both platforms. Since the inception of nuclear powered ships, Curtiss-Wright’s commitment to providing the most advanced and reliable technologies has ensured our continued participation in these significant defense programs.”
Curtiss-Wright is performing the work at its facility in East Farmingdale, N.Y., a business unit of Curtiss-Wright’s Industrial division within the Commercial/Industrial segment. Engineering and manufacturing has commenced and will continue through 2020. For over 50 years, Curtiss-Wright has ensured safe, reliable operations by supplying innovative, high-performance products for every nuclear submarine and aircraft carrier commissioned by the U.S. Navy. In addition, Curtiss-Wright technologies, such as power-dense motors and enhanced valve designs, enable more efficient operations, reduce manpower and cost, and increase safety. For more information on Curtiss-Wright’s Industrial division products, please visit http://www.cw-valvegroup.com/.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is a global innovative company that delivers highly engineered, critical function products and services to the commercial, industrial, defense and energy markets. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing reliable solutions through trusted customer relationships. The company employs approximately 8,400 people worldwide. For more information, visit www.curtisswright.com.
This press release contains forward-looking statements made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements, including statements relating to Curtiss-Wright Corporation's expectations of future performance of our valve products, the continued relationship with an existing customer, the successful implementation and the success of these naval defense programs and future opportunities associated with this program, 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 Exchange Act of 1934, as amended, for further information.