Rugged Video Display, Distribution and Recording Technology for Airborne Surveillance Aircraft
CHARLOTTE, N.C., – December 21, 2009 – Curtiss-Wright Controls, Inc. announced today that it has acquired Skyquest Systems Ltd. for £10 million, 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 Controls' Embedded Computing group.
"The Skyquest product family complements our Embedded Computing product offering," said David Adams, co-chief operating officer of Curtiss-Wright Corporation. "The addition of Skyquest's airborne video solutions to our product family will expand our systems offering for customers looking for a total solutions provider for their mission critical applications. Furthermore, Curtiss-Wright Controls will be able to grow the Skyquest brand by providing it access to many new markets."
Skyquest Systems Ltd was formed from two businesses, Skyquest Ltd and Real-Time Vision Ltd. Founded in 1996 and 1998 respectively, the two businesses have been operating under the trademark Skyquest Aviation. They have developed the Skyquest range of stand-alone rugged mission displays, digital video recorders and video distribution systems for aircraft and rotorcraft manufacturers and system integrators throughout the world. Customers for Skyquest's systems typically include police, customs, coast guard, border patrol, military, search & rescue, air ambulance and government agencies.
Skyquest's advanced display and recorder technology is widely recognized as the system of choice for demanding airborne surveillance missions with proven reliability in harsh environments. The company's Video Management System (VMS) has been successfully fielded in a broad range of demanding applications including SAR and border patrol operations. In the UK Skyquest's VMS is flown by London's Metropolitan Police Air Support Unit and in Australia, airborne surveillance units deploy the VMS on both fixed and rotary wing aircraft.
The VMS is a fully integrated systems that use touch-screen technology which enables observers and pilots to independently select, view and record the images they need, with no signal loss, from multiple camera and sensors. In addition transmission of video for downlink via microwave link is available. The company is also a market leader in the development of lightweight, airworthy High Definition (HD) video recorders for airborne surveillance.
Skyquest Systems is located in Basildon, U.K. and has estimated 2009 sales of approximately $8 million.
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.
About Curtiss-Wright
Curtiss-Wright Corporation (NYSE: CW) 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.
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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. 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 Corporation's expectations of future performance of our development work, the value of the contract, the continued relationship with an existing customer, the successful implementation and funding of this government program and 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.
