CHARLOTTE, NC -- (Marketwired) -- 10/02/13 -- Curtiss-Wright Flow Control Company (CWFC) announced today that it has acquired the assets of Ovalpath, Inc. for approximately $3 million in cash. Ovalpath, a start-up software company, has developed a proprietary software platform used in mobile-device based applications serving the commercial nuclear power market. These solutions significantly reduce the amount of time and effort needed to complete tasks within a nuclear power plant.
This acquisition will be integrated into Scientech, a business unit of the Nuclear Group of CWFC. With Ovalpath's software platform as the foundation, CWFC will develop multiple solutions for nuclear power plant mobile field workers. The company's solutions will deliver real-time information to plant employees, aiding them in making safe and accurate decisions. Integrating the two businesses will strengthen Curtiss-Wright's service offerings, and deliver innovative, mobile-device based business solutions to our customers.
"The acquisition of Ovalpath will allow us to offer powerful, scalable applications to our customers in the nuclear power industry, with its products aimed at automating complex work processes and enhancing the quality and delivery of information to field workers," said David C. Adams, President and CEO of Curtiss-Wright Corporation. "Furthermore, it provides us with the opportunity to develop new product lines built on our core competencies, and places Curtiss-Wright technology in the hands of an expanded customer base. We also expect this acquisition to increase our technical capabilities and enable us to build out a broad portfolio of mobile solutions."
Ovalpath has developed the first radiation protection mobile app serving the U.S. nuclear fleet, as its industry-specific application focuses on radiation protection survey map completion. The application saves time in the preparation and editing of survey maps, and makes them immediately available across multiple mobile-devices, to all on-site power plant workers.
About Curtiss-Wright Flow Control Company
Curtiss-Wright Flow Control (CWFC) specializes in the design and manufacture of highly engineered valves, pumps, motors, generators, electronics and related products for the commercial nuclear power industry, oil and gas processing facilities, a range of critical national defense programs and the industrial controls market. CWFC's innovative, high performance products are installed on submarines and aircraft carriers owned by the U.S. Navy and set the standard for safety, quality and reliability in the operation of power plants and other industrial sites worldwide. Based in Charlotte, NC, the company has more than 3,400 employees worldwide. For more information, visit www.cwfc.com.
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.
Scientech is a leading supplier of equipment, parts, software, and services to the worldwide power generation industry. The foundation of all Scientech products and services is to enhance the safety, reliability, longevity, and efficiency of power plants. Scientech's products and services help power plants effectively and efficiently deal with issues associated with outage and work management, safety and risk management, and information management. In addition, Scientech provides products and services related to license renewals, asset management, equipment reliability and condition monitoring, security, Instrumentation & Controls (I&C) repair and refurbishment services for both existing and next-generation power plants. For more information, visit http://scientech.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 Ovalpath, the future opportunities associated with the acquisition, and the success of the Company integrating Ovalpath 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.
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