Curtiss-Wright Acquires Cimarron Energy, Inc.
Provides Strategic Diversification Into Emerging, High Growth Shale Oil and
PARSIPPANY, N.J., Nov. 26, 2012 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation
(NYSE:CW) announced today that it has acquired Cimarron Energy Inc.
("Cimarron"), through the acquisition of its parent company Cimarron Energy
Holding Company LLC, for approximately $135.1 million in cash. Cimarron is a
leading manufacturer of highly customized and engineered energy production,
processing and environmental solutions for the U.S. oil and gas industry. The
business will become part of Curtiss-Wright's Flow Control segment.
"With the acquisition of Cimarron, Curtiss-Wright is diversifying from our
current downstream refining segment into the emerging, high growth U.S. shale
oil and gas market in the upstream and midstream segments of the industry,"
said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Its
products and services expand our mission-critical, production-focused flow
control offerings for the oil and gas industry, and also offer new, high
growth production lines focused on the environmental aspects of hydraulic
"In addition, Cimarron provides significant opportunities for Curtiss-Wright
to build new market share in the U.S. and Canada, as well as international
markets.The U.S. has vast reserves of shale oil and natural gas that will
help drive the country towards energy independence. We are excited about
further diversifying our product portfolio into the robust upstream and
Founded in 1976, Cimarron provides customized, highly engineered production,
processing and environmental equipment and solutions essential to the
production of oil and gas. Its energy production and processing equipment
includes separators, combination separator/hydrator units, flow back and oil
treating equipment.Cimarron also manufactures a full suite of environmental
solutions that control toxic well site emissions, provide improved equipment
energy efficiency and enable remote monitoring of equipment functions.
Products include emission control devices, burner management systems and vapor
recovery towers, as well as re-manufactured and repaired production and
processing equipment and related parts. Headquartered in Norman, Okla.,
Cimarron has 368 employees.Its 2012 sales are expected to be approximately
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 8,300 people worldwide. For
more information, visit www.curtisswright.com.
The Curtiss-Wright Corporation logo is available at
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.
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 Cimarron Energy, Inc., the future opportunities
associated with the acquisition, and the success of the Company integrating
Cimarron Energy, Inc. 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.
CONTACT: Jim Ryan
Curtiss-Wright Corporation Logo
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