Curtiss-Wright Acquires AP Services, LLC
PARSIPPANY, N.J., Nov. 5, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE: CW) announced today that it has acquired AP Services, LLC, through the acquisition of all of the membership interests of A.P. Holdco, LLC, the parent company of the operating entity, for a cash purchase price of $30 million. AP Services is a leading supplier of fluid sealing technologies and services to the nuclear and fossil power generation markets, with proven performance in delivering solutions that improve plant reliability and safety, and also reduce operation and maintenance (O&M) costs. The business will become part of Curtiss-Wright's Flow Control segment.
"The acquisition of AP Services supports one of our growth initiatives to be the predominant obsolescence solutions provider to the nuclear industry, and enhances our expansion into fossil power generation markets," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Its products and services provide strong synergies with our existing technologies and will enable us to become a single-source supplier of solutions related to the sealing, bolting, and tensioning of components critical to plant operation and safety."
AP Services LLC was established in 2010 by a management buyout of A.P. Services, Inc. and NGP, Inc., which were founded in 1995 and 1991, respectively. AP Services is a leading manufacturer and integrated supplier of mechanical valve and pump packing, metal and fabricated gaskets, and a wide variety of specialized fluid sealing products and services for use in the power generation, chemical, and refining industries. Its fluid leak management products and services help identify and solve critical sealing problems to improve plant reliability and safety.
Recently, AP Services introduced its web-based software SealPRO™ as a key tool to enhance plant equipment reliability and fluid leak management programs. The software allows plants to capture and share component performance data, configuration specifics, parts availability, and industry best practices across the entire fleet of nuclear and fossil power plants. Headquartered in Freeport, Pa., AP Services has 84 employees. Its 2011 sales were $23 million.
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 and prides itself on long-standing customer relationships. The company employs approximately 8,600 people worldwide. For more information, visit www.curtisswright.com.
About Curtiss-Wright Flow Control Segment
Curtiss-Wright Flow Control Company, headquartered in Falls Church, Va., is the Flow Control business segment of Curtiss-Wright Corporation. This business segment designs and manufactures highly engineered valves, pumps, motors, generators, electronics, systems and related products for complex naval defense, power generation, oil and gas and general industrial applications. For more information, visit www.cwfc.com.
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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 AP Services, LLC, the future opportunities associated with the acquisition, and the success of the Company integrating AP Services, LLC into its Flow Control 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.