8-KOther Events

CURTISS WRIGHT CORP 8-K Report (Jan 4, 2002)

Filed January 4, 2002For Securities:CW

Summary

Curtiss-Wright Corporation (CW) filed an 8-K report on January 4, 2002, detailing the disposition of its Wood-Ridge Industrial Complex. This significant transaction, which closed on December 20, 2001, involved the sale of approximately 2.3 million square feet of rental space on 138 acres in Wood-Ridge, New Jersey, to Wood-Ridge Industrial Property Owner LLC and Wood-Ridge Development LLC. The company received $51 million in cash and transferred day-to-day operations of the rental property, which houses tenants engaged in light manufacturing, assembly, and warehousing. The divestiture is expected to result in a non-recurring net gain of $23.1 million, or $2.26 per share, for Curtiss-Wright. While the company transferred responsibility for lease obligations, it retains ongoing environmental remediation efforts at the complex. This sale represents a strategic move to monetize a substantial real estate asset, with the financial impact to be recognized in the company's upcoming financial statements. Investors should note the forward-looking statements made in the report and the potential risks associated with achieving projected results.

Key Highlights

  • 1Curtiss-Wright completed the sale of its Wood-Ridge Industrial Complex on December 20, 2001.
  • 2The sale generated $51 million in cash for the company.
  • 3The transaction is expected to result in a non-recurring net gain of $23.1 million, or $2.26 per share.
  • 4The Industrial Complex comprises approximately 2.3 million square feet of rental space on 138 acres.
  • 5The company retains responsibility for ongoing environmental remediation efforts at the complex.
  • 6The buyer assumed all lease obligations related to the property.
  • 7The report includes forward-looking statements subject to various risks and uncertainties.

Frequently Asked Questions

Curtiss-Wright sold its Wood-Ridge Industrial Complex, which includes approximately 2.3 million square feet of rental space on 138 acres of land located in Wood-Ridge, New Jersey.

The company received $51 million in cash from the sale and expects to record a non-recurring net gain of $23.1 million, or $2.26 per share, as a result of this transaction.

No, while Curtiss-Wright transferred title, day-to-day operations of the rental property, and assumed lease obligations, it retained the responsibility for continuing its environmental remediation efforts at the Industrial Complex.

The report highlights several risks that could cause actual results to differ materially from forward-looking statements. These include potential reductions in anticipated orders, economic downturns, changes in the competitive marketplace or customer requirements, issues with performing customer contracts at anticipated cost levels, and other factors affecting the aerospace, marine, and industrial sectors.