Curtiss-Wright to Acquire Hybricon Corporation Expands Defense Electronics Subsystems Portfolio
PARSIPPANY, N.J., May 27 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has signed a definitive purchase agreement to acquire Hybricon Corporation ("Hybricon") for $19 million in cash. Hybricon is a leading supplier of high performance electronic packaging for the aerospace, defense and commercial markets, and provides electronic subsystem integration expertise which generates more efficient product development and reduced design and manufacturing risk for its customers. The transaction is expected to close by June 1, 2010.
"Hybricon's expertise in advanced packaging and thermal management for deployed military system enclosures will strengthen Curtiss-Wright's leadership position in the aerospace and defense electronic subsystems market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "The addition of Hybricon's electronic enclosure technologies in our overall design and manufacturing portfolio will expand our system integration capabilities and significantly enhance Curtiss-Wright's ability to provide mission-critical rugged solutions to customers worldwide."
Hybricon, based in Ayer, MA, designs and manufactures custom and standards-based enclosures and electronic backplanes for defense and commercial applications. They are a leading supplier for the most popular embedded commercial-off-the-shelf (COTS) system architectures including OpenVPX, VPX, VXS, VME64X, CompactPCI, and MicroTCA. In 2009, they had sales of approximately $17 million, including an 85% concentration in the defense market. Hybricon will operate in Curtiss-Wright's Motion Control segment, within the Electronic Systems division.
Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, NJ. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of specialized metal treatment services. The firm employs approximately 7,500 people worldwide. For more information, visit www.curtisswright.com.
About Curtiss-Wright Controls, Inc.
Headquartered in Charlotte, NC, Curtiss-Wright Controls is the Motion Control segment of Curtiss-Wright Corporation, and a leading designer and manufacturer of advanced technologies for niche actuation and drive applications, integrated sensors and electronic subsystems internationally for the aerospace and defense markets. For more information, visit www.cwcontrols.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 Hybricon Corporation, the future opportunities associated with the acquisition, and the success of the Company integrating Hybricon Corporation into its Motion Controls 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.
SOURCE Curtiss-Wright Corporation