Summary
This Form 8-K filing by Curtiss-Wright Corporation (CW) on November 12, 2002, details a significant asset acquisition that closed on October 29, 2002. The company purchased substantially all the assets of the Electro Mechanical Division (EMD) from Westinghouse Government Services Company LLC for $80 million in cash, plus the assumption of certain liabilities. This acquisition is expected to bolster Curtiss-Wright's Flow Control segment. The EMD business generated $146 million in sales in 2001, indicating a substantial addition to Curtiss-Wright's revenue base. The company funded the acquisition using its existing revolving credit facility. EMD will continue to operate at its current locations with its existing management and workforce, integrating into Curtiss-Wright's Flow Control subsidiary. While the filing highlights the strategic rationale and operational integration, detailed financial statements and pro forma information are pending and will be filed via amendment within 60 days.
Key Highlights
- 1Curtiss-Wright acquired substantially all assets of Westinghouse's Electro Mechanical Division (EMD) on October 29, 2002.
- 2The purchase price was $80 million in cash, plus the assumption of certain liabilities.
- 3The acquisition was funded through the company's existing Revolving Credit facility.
- 4EMD generated $146 million in sales during 2001, representing a significant revenue addition.
- 5EMD will be integrated into Curtiss-Wright's Flow Control segment and will operate as a wholly-owned subsidiary.
- 6EMD will maintain its existing locations, management team, and workforce.
- 7Detailed financial statements and pro forma information related to the acquisition will be filed by amendment within 60 days.