Motion Control Resources
Curtiss-Wright Awarded $80 Million Follow-On Contract by Saab Aerostructures
Follow-on Multi-Year Award for Boeing 787 Large Cargo Door
ROSELAND, N.J., Sept. 24 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has received a follow-on multi-year contract valued at over $80 million from Saab Aerostructures to provide the mechanical system and structural fittings for the Boeing 787 large cargo door. This agreement is follow-on to the $16 million contract previously announced in February of this year. Sales from this program have the potential to exceed $200 million during the production life of the aircraft.
"This follow-on contract further demonstrates Saab's confidence in Curtiss-Wright's ability to provide the best value and lowest risk solutions," said Martin R. Benante, Chairman and Chief Executive Officer of Curtiss-Wright. "We deeply value our partnership with Saab and are proud to play such an important role in their overall package for the Boeing 787."
The mechanical system is comprised of mechanical parts for five major flight-critical sub-systems -- the lift, pull-in, latching, locking and vent systems -- that assure safe and proper operation and integrity of the large cargo doors. The structural fittings are elements used in conjunction with the mechanical system and interface with the fuselage structure. Curtiss-Wright will manufacture these components and sub-assemblies at its Motion Control facility located in Shelby, North Carolina.
The Boeing 787 incorporates advanced materials, systems and engines aimed at providing new levels of performance and efficiency. The aircraft is expected to enter into service in 2009.
Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. 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 7,600 people worldwide.
About Curtiss-Wright Controls
Headquartered in Charlotte, N.C., Curtiss-Wright Controls is the motion control segment of Curtiss-Wright Corporation. With manufacturing facilities around the world, Curtiss-Wright Controls is a leading technology-based organization providing niche motion control products, subsystems and services for the aerospace, defense, naval and industrial markets.
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 development work, the value of the contract, the continued relationship with an existing customer, the successful implementation of this commercial aerospace 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 and Exchange Act of 1934, as amended, for further information.
SOURCE Curtiss-Wright Corporation