PARSIPPANY, N.J., Dec. 21 /PRNewswire-FirstCall/ -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has acquired Skyquest Systems Ltd. for 10 million pounds Sterling, or approximately $16 million. Skyquest is a leading supplier of aircraft video displays, recorders, and video/radar converters for surveillance aircraft applications in the aerospace and defense markets. The business will become part of Curtiss-Wright's Motion Control segment.
"The addition of Skyquest Systems enhances Curtiss-Wright's leadership position in the aerospace and defense embedded computing market," said Martin R. Benante, Chairman and CEO of Curtiss-Wright Corporation. "Skyquest's engineering expertise and advanced product offerings in video monitoring and recording, as well as their strong European presence, will significantly expand Curtiss-Wright's ability to provide mission-critical solutions to customers worldwide."
Skyquest's advanced display and recorder technology supports demanding airborne surveillance missions with proven reliability in harsh environments. Skyquest products include the Video Management System (VMS), which provides fully integrated systems that enable observers and pilots to independently select, view and record the images they need simply and with maximum fidelity. The Skyquest VMS enables multiple camera sensor outputs to be viewed simultaneously and supports touch-screen control of moving maps, video recorders, mission computers and the selection and transmission of video for downlink. The company is also a market leader in the development of lightweight, airworthy standard and High Definition (HD) video recorders for airborne surveillance. Skyquest systems have been successfully fielded in a broad range of demanding applications including police, customs, coast guard, search and rescue and border patrol operations.
Located in Basildon, United Kingdom, Skyquest Systems Ltd was formed from two businesses, Skyquest Ltd. and Real-Time Vision Ltd., founded in 1996 and 1998, respectively. The businesses operate under the trademark Skyquest Aviation with estimated 2009 sales of $8 million.
Curtiss-Wright Corporation is a diversified company headquartered in Parsippany, 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 7,500 people worldwide. For more information, please visit www.curtisswright.com.
About Curtiss-Wright Controls, Inc.
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 internationally for the aerospace and defense markets. For more information, please visit www.cwcontrols.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 Skyquest, the future opportunities associated with the acquisition, and the success of the Company integrating Skyquest into its Motion Controls 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 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.
SOURCE Curtiss-Wright Corporation