Curtiss-Wright Corporation today announced that it has completed the acquisition of 100% of the shares of Component Coating and Repair Services Limited ("CCRS") for approximately £15 million (approximately $25 million) in cash, net of cash acquired. CCRS is a leading UK provider of ultra-smooth and corrosion resistant coatings and precision airfoil repair services for aerospace and industrial turbine applications. The acquired business will operate within Curtiss-Wright's Commercial/Industrial segment.
"The acquisition of CCRS adds new high-technology services to our Surface Technologies business that complement those of our existing engineered coatings offerings," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "This is consistent with our stated acquisition strategy to target smaller, strategic, bolt-on companies that we believe will enable us to achieve our objectives of margin expansion, strong cash generation and solid returns. We intend to leverage the synergies that exist between our coatings businesses, while also supporting Surface Technologies' strategic objective to advance up the technological chain and expand the breadth of their technology and customer bases. Further, these technologies can be bundled with Curtiss-Wright's existing thermal spray and shot peening technologies to create additional opportunities for technology insertion into our worldwide service network."
Founded in 1995, CCRS currently operates two divisions within the United Kingdom. The Glasgow, Scotland facility specializes in the application of sacrificial aluminum coatings for aerospace turbine engines. A second facility based in Alfreton, England focuses on turnkey component repairs for Industrial Gas Turbines utilized in power generation and oil and gas applications. Both facilities have excellent reputations with their original equipment manufacturer (OEM) customer base for providing high quality service and fast turntimes.
CCRS has approximately 100 employees and is expected to generate sales of approximately £7 million (approximately $11 million) in 2014.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (curtisswright.com) 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.
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 CCRS, the future opportunities associated with the acquisition, and the success of the Company integrating CCRS into its Commercial/Industrial 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.