Curtiss-Wright Restructures Businesses, Maintains 2013 Guidance; David Adams Comments

I curtiss wright logo_GovConWireCurtiss-Wright Corp. (NYSE: CW) has moved to restructure the company’s business segments in an effort to align strategies with market requirements.

The new Curtiss-Wright segment structure will consist of commercial, industrial, defense and energy businesses starting on Jan. 1, 2014, Curtiss-Wright said Wednesday.

“I am pleased to announce the new ‘One Curtiss-Wright’ vision and our transition to the future segment structure as an integrated, market-facing global diversified industrial company, ” said David Adams, president and CEO of Curtiss-Wright.

The commercial and industrial segment will comprise of the commercial aerospace and general industrial businesses that are urrently under the control segment, as well as all businesses under the surface technologies segment.

The oil, gas and nuclear aftermarket businesses will move from the flow control to the energy segment.

Curtiss-Wright will also transition the naval defense, power generation and general industrial businesses to the new defense segment from flow control, as well as the defense business from the controls segment.

The company has also reaffirmed its 2013 guidance for sales, operating income, diluted earnings per share and free cash flow figures.

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