Curtiss-Wright Signs MOU with Eaton |
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By: Curtiss-Wright Posted: 2007-06-19 11:48:28 |
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Curtiss-Wright Corporation (NYSE: CW) announced today that it has signed a Memorandum Of Understanding (MOU) with Eaton Corporation's Electrical Sensing and Controls Division to develop its Stress Wave Analysis technology for rotorcraft drive system condition monitoring. Curtiss-Wright provides this technology through its Swantech business, which operates within the Flow Control segment.
Swantech's patented Stress Wave Analysis (SWAN(R)) technology incorporates hardware and web-based software to detect minute levels of friction in critical components where deterioration is problematic. This enables operators to identify component deterioration well in advance of conventional vibration and temperature-based monitoring systems, thus avoiding unscheduled downtime. Swantech's existing business is primarily in the marine, power and process markets. Eaton is a world leader in rotorcraft drive system condition monitoring. Over a period of 50 years, its patented oil debris sensors and related products have been in operation on virtually every helicopter ever built in the U. S. and Europe. By combining Eaton's oil debris sensing technologies with SWAN, drive train faults can be trended and detected with higher accuracy and virtually eliminate false alarms. Under the terms of the MOU, Swantech intends to give Eaton the exclusive right to sell SWAN into the vertical flight market, commonly known as helicopters. Eaton will deploy SWAN technology to meet Federal Aviation Administration (FAA) and military flight standards and co-market the new product with the "SWAN" and "Eaton" brands. The initial agreement will be for three years with an option to renew. "This is an exceptional endorsement of our patented technology," said Curtiss-Wright Chairman and CEO Martin R. Benante. "We acquired Swantech less than a year ago because we recognized the high compatibility with our high performance products. We believe that Swantech is in the early stages of its development and will continue to provide us with numerous opportunities for expansion in our processing, nuclear power, and defense markets." Swantech holds six U.S. patents and one European patent, and has additional patents pending. Customers include the major luxury cruise ship companies, as well as leading players in the aerospace, defense, transportation, power generation, and oil and gas processing industries. About Curtiss-Wright Curtiss-Wright Corporation is a diversified company headquartered in Roseland, N.J. The company designs, manufactures and overhauls products for motion control and flow control applications, and provides a variety of metal treatment services. The firm employs approximately 6,600 people worldwide. More information on Curtiss-Wright can be found at http://www.curtisswright.com. About Curtiss-Wright Flow Control Curtiss-Wright Flow Control Corporation 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, and a range of critical military programs. CWFC's innovative, high-performance products play an integral role in our nation's defense, and in the safe, efficient operation of power plants and other industrial sites worldwide. Based in Falls Church, VA, the company has 2,000 employees worldwide and is the Flow Control operating segment of Curtiss-Wright. For more information, visit http://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 that a mutually acceptable final agreement will be executed between the parties. Such statements, including statements relating to Curtiss-Wright Corporation's expectations for future financial performance, 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 and Exchange Act of 1934, as amended, for further information. |
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