Curtiss-Wright Announces Sale of Benshaw Business Unit
01 Juli 2014 - 1:30PM
Curtiss-Wright Corporation (NYSE:CW) today announced that it has
sold its Benshaw, Inc. (Benshaw) business to Regal-Beloit
Corporation (NYSE:RBC) for $50 million in cash.
"As part of our operating margin improvement initiatives
outlined last December, this transaction aligns with our stated
objective to divest non-core operations," said David C. Adams,
President and CEO of Curtiss-Wright Corporation. "Furthermore, it
enables us to focus on our core industrial markets, while also
providing a better strategic fit for Benshaw's product portfolio.
Overall, we remain committed to our long-term goals to generating
significant free cash flow and operating margin expansion."
Curtiss-Wright acquired Benshaw in 2007. The business has grown
into a market leader in the design, development and manufacture of
custom electronic motor control and protection product solutions.
Key to its success was the development of a medium voltage variable
frequency drive, which has earned a solid reputation for rugged,
reliable performance in a variety of demanding applications. Its
customers include leading original equipment manufacturers (OEMs)
and industrial customers within the commercial heating, ventilation
and air conditioning (HVAC) market as well as the energy
processing, petrochemicals, power generation and mining markets.
Benshaw has estimated annual revenues of approximately $60M.
Moving forward, the business will be classified as discontinued
operations. The Company will update its full-year 2014 guidance
with its next quarterly earnings announcement, tentatively expected
to be July 30, 2014.
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 10,000 people worldwide. For more
information, visit www.curtisswright.com.
Certain statements made in this release, including statements
about Curtiss-Wright's execution on its strategy, and Benshaw's
annual revenue, and product lines are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements present management's expectations,
beliefs, plans and objectives regarding future financial
performance, and assumptions or judgments concerning such
performance. Any discussions contained in this press release,
except to the extent that they contain historical facts, are
forward-looking and accordingly involve estimates, assumptions,
judgments and uncertainties. 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
government spending; an inability to perform customer contracts at
anticipated cost levels; and other factors that generally affect
the business of aerospace, defense contracting, electronics,
marine, and industrial companies. Such factors are detailed in the
Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2013 and subsequent reports filed with the Securities
and Exchange Commission.
CONTACT: Jim Ryan
(973) 541-3766
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