PARSIPPANY, N.J., July 31, 2013 (GLOBE NEWSWIRE) -- Curtiss-Wright Corporation (NYSE:CW) today announced the receipt of a contract from Irkut Corporation to supply the flight data recording system for use on the MC-21 aircraft program. The initial contract is valued at approximately $21 million, with an estimated future value over the life of the program in excess of $50 million. Shipment of the products is scheduled to begin in February 2015.
"We are pleased to have been selected by Irkut to provide our fully integrated flight data recorder technology on the MC-21 aircraft program," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "As a leading provider of data handling avionics systems, this program is the result of our successful efforts to increase our business in the Russian aviation market."
Under the terms of the agreement, Curtiss-Wright will provide Irkut with the MC-21's ISSKOR data recorder system, an integrated flight data acquisition, monitoring, processing and recording solution. The Curtiss-Wright facility located in Christchurch, UK will be manufacturing the products covered by this agreement.
The Irkut MC-21 aircraft is a twin-engine short-range and mid-range jet airliner with a capacity of 150-212 passengers being developed and manufactured in Russia by Irkut and the Yakovlev Design Bureau of the United Aircraft Corporation (UAC) group. The fully featured ISSKOR system comprises dual imaging Multi Purpose Flight Recorders, an integrated Cockpit Control Unit, a Cockpit Area Camera, dual Recorder Independent Power Supplies, dual Cockpit Area Microphones, an integrated Flight Data Acquisition Unit, an antenna and an accelerometer.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE:CW) is an innovative engineering company that provides highly engineered, critical function products, systems and services in the areas of flow control, motion control and surface treatment technologies 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 10,000 people worldwide. For more information, visit www.curtisswright.com.
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 Controls' expectations of future performance of this contract, the continued relationship with a customer, the continued success of this commercial program and the 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 Exchange Act of 1934, as amended, for further information.
