06/28/2012 | Press release

Curtiss-Wright and Westinghouse Sign Strategic Nuclear Alliance

distributed by noodls on 06/28/2012 18:31

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June 28, 2012

Curtiss-Wright and Westinghouse Sign Strategic Nuclear Alliance

Initial Focus Will Be On Large Motor Refurbishment in North America

PARSIPPANY, N.J., June 28, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) announced today that its Flow Control business segment's Electro-Mechanical Division (EMD) business unit and Westinghouse Electric Company LLC have signed a strategic alliance to jointly pursue and develop business opportunities for the refurbishment of large motors for commercial nuclear power applications in North America and to collaborate on new technology development.
The alliance will enable both companies, as well as their customers, to benefit from the combined capabilities and resources of two very experienced nuclear energy organizations. Curtiss-Wright and Westinghouse have several ongoing business agreements in support of operating nuclear plants around the world and AP1000® units under construction in China and the United States.
"This is a significant agreement for us as it marks another milestone illustrating Curtiss-Wright's long-standing commitment to the worldwide nuclear power market," said Martin R. Benante, Chairman and CEO, Curtiss-Wright Corporation. "We are proud to continue our long-standing, strategic partnership with Westinghouse. With this agreement, we can leverage our joint capabilities to create immense value for current and future customers."
"The global nuclear energy industry has significant potential for growth and offers opportunities for both Westinghouse and Curtiss-Wright," said Ric Perez, Chief Operating Officer of Westinghouse Electric Company. "Building on many significant years of combined experience and know how makes sense to compete in a high-technology marketplace. Our respective nuclear businesses are combining forces aimed at strengthening our ability to compete effectively and improving the technologies and product offerings to customers to make the most of future opportunities."

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 8,600 people worldwide. For more information, visit www.curtisswright.com
The Curtiss-Wright Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7709

Westinghouse Electric Company LLC

Westinghouse Electric Company, a group company of Toshiba Corporation (TKY:6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first pressurized water reactor in 1957 in Shippingport, PA. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.

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 commercial nuclear products, the continued relationship with an existing customer, the successful implementation and the success of this reactor coolant pump program 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.

CONTACT: Jim Ryan

(973) 541-3766

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