Curtiss-Wright Annual Report 2011

FY2011 Annual Report · Curtiss-Wright

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2011 Business Overview

Technologies that Matter

2011 Business Overview | 1

Curtiss-wright technologies….

2 | Curtiss-wright

support the safety of
commercial nuclear power
plants that provide a
clean energy source to
help meet the worldwide
demand for electricity.

ensure the reliability
of commercial passenger
aircraft for travelers
around the world.

enhance the performance
of refineries that produce
vital fuel products across
the globe.

Curtiss-Wright has always

focused on delivering

advanced engineered

technologies that are reliable,

responsive, flexible, and

affordable to address the

most critical challenges facing

our customers. we provide

technologies that matter.

we began with airplanes designed by the legendary

inventors and aviation pioneers Glenn Curtiss and

Orville and Wilbur Wright. Today, you can find our

technologies in an amazing array of sophisticated

applications across commercial aerospace, defense,

energy, industrial, and other commercial markets.

Curtiss-wright strategically concentrates on ensuring

the safe and reliable performance of nuclear submarine

and aircraft carrier propulsion systems, commercial

nuclear power plants, oil and gas refineries, commercial

aircraft, manned and unmanned military vehicles

and aircraft, and a variety of other highly technical

applications where safety is critical.

The constant evolution of our business is a testament

to our ability to expand our vast portfolio of highly

engineered products and services through ongoing

innovation to respond to the new challenges our

customers present to us.

Curtiss-Wright continually meets the very difficult but high-

value performance, reliability, and safety requirements of key

customers in a variety of difficult operating environments.

we do so with technologies that matter.

Table of Contents

2 nuclear Power Technologies

surface Technologies

6 Oil and Gas Technologies

8 Defense electronics Technologies

Letter to shareholders

2011 Acquisitions

segment information

19 Historical Financial Performance

20 Auditor’s Opinion

Consolidated statements of earnings

Consolidated Balance sheets

Consolidated statements of Cash Flows

shareholder information

2011 Business Overview | 1

Commercial nuclear power

plants currently provide 2.6
trillion kilowatt hours of
electricity — almost 14% of the
world’s total electricity.

(Nuclear Energy Institute)

nuclear Power Technologies

utilities are upgrading nuclear power plants to support higher power
output and extend operating licenses to help meet the need for reliable,
inexpensive power generation with no greenhouse gas emissions.

improving capacity and enhancing

condition and enhancing plant safety

we designed the world’s most

safety for a fleet of operating reactors,

has never been more important for

advanced reactor coolant pump for

where half of the plants are over 30

the nuclear industry. events such as

westinghouse’s AP1000® reactor design.

years old, is the challenge facing

those that took place at the Fukushima

As the industry’s leader in equipment

utilities today. Curtiss-wright is a key

Daiichi nuclear plant in Japan in

qualification, we support many other

supplier of a broad range of products

2011 highlight the importance and

suppliers by testing their products at our

and services for both currently

need for our expertise and products.

labs to ensure they can withstand worst-

operating reactors as well as new

we offer the latest technologies in

case, postulated conditions.

nuclear plant construction worldwide.

plant process computer upgrades,

Curtiss-wright has an installed base

of products at every nuclear plant in

the u.s. To keep plants operating at

maximum efficiency, we support our

probabilistic risk assessment, equipment

reliability products, on-board equipment

diagnostics, and non-destructive testing

and inspection services.

Curtiss-wright has supported the

commercial nuclear power market since

the first nuclear plant went online and

continues to invest in new technology

to make plants safer and more reliable.

customers with technical expertise,

nuclear plant refueling outages occur

we are well positioned to respond to

spare parts, upgrades, and repair services.

every 18-24 months. it is critical to

the considerable demand for products

Many suppliers abandoned the industry

minimize the amount of time the plant

as advanced nuclear plants are

during its downturn in the 1980s. it is

is shut down and to ensure that all

designed and constructed in the u.s.

estimated that each nuclear plant has

activities are conducted with the utmost

and across the globe. Curtiss-wright

approximately 20,000 obsolete parts

regard for unwavering personnel safety

remains keenly focused on enhancing

for which replacements are not readily

with minimal radiation exposure, as well

the performance of operating plants

available. Curtiss-wright proactively

as enhanced attention to reactor safety.

that are essential to the supply of safe,

works with utilities to define, prioritize,

Curtiss-wright supports each of these

clean, and economical energy.

and solve obsolescence issues using

vital goals. The use of our Hydranut®

a myriad of strategies. Degradation of

technology shaves crucial days off of

equipment necessitates the need for

outage time by providing a safer method

innovative, economical replacement

of tensioning reactor heads. Our nozzle

options that can be implemented with

dams seal reactor coolant piping; our

minimal impact to plant operations. An

Pop-a-Plugs® isolate leaking heat

example is Curtiss-Wright’s NETCO-SNAP-

exchanger tubes; and our Volumetrics

in® inserts, which mitigate deterioration

products verify containment seal

of neutron absorbing material in spent

integrity. These are just a few of the many

fuel pools.

Curtiss-wright is a vanguard of

Curtiss-wright products that are integral

to supporting successful plant outages.

inspection, assessment, and condition

new construction of nuclear plants

monitoring technology for critical

offers substantial opportunity for

nuclear plant equipment. The need

Curtiss-wright to provide our most

for accurately assessing equipment

sophisticated products and services.

(A) The NETCO-SNAP IN® is a patented neutron absorbing product that extends the useful life of nuclear fuel
storage racks submerged in the spent fuel pools at power plants. (B) Our expertise in upgrading and replacing
nuclear power plant process computer systems with the latest technology and performance software for real time
or offline monitoring helps customers improve operating efficiency, safety, performance, and knowledge. (C) The
HydraNut® bolting technology significantly reduces maintenance time and improves worker safety by minimizing
personnel exposure to hazardous environments.

2011 Business Overview | 3

Long-range projected growth
in passenger and cargo air traffic
will require the world’s commercial
aircraft fleet to add up to 33,500 new
airplanes over the next 20 years.

(Boeing Current Market Outlook 2011-2030)

4 | Curtiss-wright

surface Technologies

Technology advances in aerodynamics, more fuel-efficient turbine
engines, and increased use of stronger and lighter materials are
enabling aircraft original equipment manufacturers (OeMs) to reduce
fuel costs on their latest generation aircraft.

Through its surface treatment technologies,

for aerospace applications. we apply

specialized coatings are used to protect

Curtiss-wright is supporting aircraft and

critical thermal barrier coatings to

brake rotors, ball studs, fasteners, and

turbine engine designers by enabling

components that operate in the very

stampings in automotive applications.

longer life and enhanced performance

hottest sections of gas turbine engines,

from metal alloys operating in harsh

often at temperatures in excess of

environments where they are subjected

2,000° F. Other specialized coatings for

to fatigue, corrosion, heat, and wear.

the aerospace industry include dry film

Curtiss-wright uses both traditional shot

peening and its advanced laser peening

process to strengthen key structural

components of commercial airframes and

turbine engines. shot peening imparts a

lubricant coatings for fasteners, parylene

conformal coatings for electronics, and

environmentally friendly thermal spray

coatings for landing gear and flight

control components.

Most importantly, Curtiss-wright

continues to expand the use of its

technologies in applications where

performance and safety are essential.

Advanced wear coatings such as

tungsten carbides and chrome carbides

present multiple opportunities for our

coatings technology across a broad

range of industries. we are using the

beneficial compressive stress to a metal

A recent addition to Curtiss-wright’s

experience gained in applying advanced

surface, which improves its ability to

technical service capabilities is analytical

thermal barrier coatings to flight turbine

resist metal fatigue. shot peen forming is

services for failure analysis, as well as

components to now support OeMs of

also used by Curtiss-wright to shape the

mechanical and chemical testing to

industrial gas turbines with coatings for

wing skins of various commercial aircraft.

ensure the integrity of the design and

the control of wear, corrosion, oxidation,

Laser peening is a prime example of how

Curtiss-wright develops new technologies

organically. It is used on extremely critical

parts to impart a compressive stress at

the surface that is four times deeper than

that achievable from conventional shot

peening. Laser peening accomplishes

manufacturing processes for critical metal,

and solid particle erosion. similarily,

ceramic, and composite components. such

the application of laser peening

testing is utilized in raw material selection

has extended from its initial use on

and validation during the design phase

commercial flight turbine engines to

and on-going quality assurance, process

the protection of industrial gas turbine

verification, and finished goods testing

airfoils from fretting wear and foreign

during the production phase.

object damage. The industrial gas turbine

this by directing a controlled laser pulse

Apart from aerospace applications,

with the instantaneous power output of

Curtiss-wright’s surface treatment

a 1,000-megawatt nuclear power plant

technologies also protect components

market is forecasting healthy growth due

to the abundance of low-cost natural gas

reserves around the world.

for a period of 20 billionths of a second

in other demanding markets, including

The outlook for Curtiss-wright’s growth in

onto the surface of a part. This advanced

power generation, oil and gas, ground

surface treatment technologies is strong,

technology also has applications in

transportation, and general industrial.

particularly in light of the projected

forming selected wing skins on Boeing’s

shot peening is applied to protect

increases in commercial aircraft production

newest 747-8 aircraft.

suspension, steering, and power train

rates and continued recovery in the world

Additionally, our technical services

portfolio includes the development

and use of highly specialized coatings

systems in passenger cars, construction

economies. As a result, future opportunities

vehicles, recreational vehicles, commercial

abound for additional utilization of our

trucking, and competitive racing.

value added technologies.

(A) Programming of the robotic movements for Curtiss-Wright’s proprietary advanced beam delivery system
assures the precision laser peening of a commercial aircraft turbine engine airfoil. (B) Protective coatings applied
by thermal spray technology help industrial gas turbine hot section airfoils resist oxidation and corrosion while
operating at temperatures in excess of 2,000°F. (C) High-magnification analysis using a scanning electron
microscope is an effective analytical procedure for identifying failed solder joints on a printed circuit board.

2011 Business Overview | 5

By 2050, total fuel demand in
all transport modes is projected
to increase by 30% to 82%, driven
mainly by the need for gasoline,
diesel, fuel oil, and jet fuel for trucks,
buses, trains, ships, and airplanes.

(World Energy Council)

Oil and Gas Technologies

There is an ongoing need for innovative technologies, services, and
systems that drive significant advances in performance, safety, and
reliability in the oil and gas industry.

Customers turn to Curtiss-wright for

The “total system” scope of products

Curtiss-wright’s technological advances

one-of-a-kind solutions in the form

and services offered by Curtiss-wright

substantially reduce wear and erosion,

of specialized valves, pumps, controls,

provides refiners reduced project

and leverage digital technology for

and process systems for refineries in

overhead cost and improved safety,

enhanced operation and diagnostics. Our

established and emerging markets.

reliability, and maintenance. This

iPrsM® system serves as a one-source

Our advanced technologies create an

economic path to improve and upgrade

entire systems. within the delayed

coking unit at refineries, for example,

we produce complete systems including

top and bottom unheading valves,

approach offers the convenience of

solution for the management of pressure

dealing with a single supplier for

relief systems by enabling automated

multiple, integrated, highly engineered

verification, analysis, documentation, and

products, rather than many individual,

full compliance with regulatory codes

uncoordinated vendors supplying

and industry standards over the life cycle

independent products.

of processing facilities.

center feed injection nozzles, isolation

Curtiss-wright also has developed and

Moreover, Curtiss-wright’s patented

valves, coke cutting and boring tools,

acquired a broad range of technology

large valve designs permit removal

fully integrated hydraulics and controls

and manufacturing capacity to upgrade

of operating components as unitized

systems, and large diameter coke-drums.

existing facilities to improve worker

sub-assemblies, eliminating the need to

By offering complete systems rather

than simply individual products,

Curtiss-wright provides profound

value to its customers and expands

growth opportunities for its core

business. within delayed coking,

the “total system” approach can

provide individual products up to and

safety, to require fewer and shorter

remove the entire valve from the system,

maintenance shutdowns, and to enhance

thus avoiding a production line shutdown

efficiency in plant processes. Our

for an extended period. Systems that

electro-hydraulic controlled slide valves

previously required extensive maintenance

and actuator systems not only enable

every two years can now operate up

efficient, reliable operations, but they

to twice as long before scheduled

also extend the operating cycle of these

maintenance – an attractive value

units in refineries.

proposition in an industry that traditionally

estimates $1 million in lost revenue for

each day of shutdown.

including full site engineering services,

replacement and upgrades of valves

integrated hydraulics and controls

used in the critical stages of refining

systems, safety systems and services,

and processing operations are custom

and site installation.

designed and manufactured, and benefit

from improvements in metallurgy and

technology unavailable when the plant

was originally built. no two valves

are alike. each valve is designed to a

specific temperature, pressure, flow, and

diameter, and for a specific process in a

specific geographic environment.

(A) The DeltaGuard® coke-drum top unheading valve – when integrated with the bottom unheading valve, isolation valves, cutting and
boring tool, and control and automation systems – provides a remotely operated, intrinsically safe coke-drum unheading system that
yields significant reductions in delayed coking time and both operational and maintenance costs. (B) This regenerator will serve an
instrumental role in the production of petroleum products at the Esmeraldas Refinery in Ecuador. The super vessel measures 33 feet in
diameter, 118 feet in length, weighs 1.3 million pounds, and has an internal operating temperature of 1,450ºF. The new fluid catalytic
cracking unit (FCCU) in which it will operate will allow the refinery to increase its total output to 110,000 barrels per day, a 20% increase.

2011 Business Overview | 7

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Advanced defense electronics
technologies addressing intelligence,
surveillance, and reconnaissance
(isr) applications enable far-
reaching advances in military
capability, efficiency, and safety.

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8 | Curtiss-wright

Defense electronics Technologies

Battle force protection and tactical success rely on sophisticated
computing products and electronics that must perform reliably in
extremely harsh environments.

In the networked battlefield, robustness

Curtiss-wright’s COTs-based embedded

Combat vehicle program and the u.K.

must counter vulnerability. Moreover,

computing for the defense industry

Future rapid effect system vehicles. Our

various battlefield systems need to work

provides a unique “plug & play” approach

technologies are poised to provide the

together seamlessly.

that distinguishes us in the market. This

digital backbone for upgrades to the u.s.

Curtiss-wright is the premier supplier

of rugged, sophisticated-but-affordable

electronics designed to survive in

austere, chaotic battlefields and maintain

situational awareness and operational

enables customers to weave together

Abrams, Bradley, and stryker families

defense systems as rapidly as changing

that are currently in service.

circumstances warrant and provides

a compelling value proposition to

encourage customer outsourcing.

we also are involved in C4isr systems

that provide coverage at sea, including

the Broad Area Maritime surveillance

effectiveness for our ground, air, and

Our defense electronics technologies

(BAMs) unmanned Aircraft system, as

naval forces – from the tactical edge to

play a vital role in aerospace, naval, and

well as manned airborne platforms such

the battlefield command post.

ground defense applications. whether it

as the P-8A Poseidon Multi-mission

is through new development programs or

Maritime Aircraft.

Computing products require ruggedization

and security to protect their capabilities in

dangerous conditions where performance

matters most. This equipment needs

to function flawlessly in the very

the modernization of existing platforms,

Curtiss-wright is integrally involved in

providing a networked battlefield to

achieve situational awareness superiority.

The use of COTs-based embedded

computer systems and advanced sensor

technologies are core to the battlefield

of the future. Curtiss-wright’s leadership

environment where it is most vulnerable

Of particular importance is our

position in these markets will support

to damage or compromise.

support of the C4isr functions of

strong growth for years to come.

Curtiss-wright’s defense electronics

products and systems offer superior

reliability through open architecture

and standards-based commercial

off-the-shelf (COTs) technology that

affordably enhance performance

and interoperability while avoiding

obsolescence. Defense customers have

come to rely on the durability and

reliability of Curtiss-wright’s suite of

sophisticated embedded computing

systems that provide seamless operation

across a variety of ground, air, and sea

Command, Control, Communications,

Computers, intelligence, surveillance, and

reconnaissance (C4isr) mission needs.

collection, processing, exploitation,

and dissemination of information of

interest that supports military and

government users. in the air, we provide

sophisticated, custom-designed systems

and subsystems for leading programs

such as the F-35 Joint strike Fighter,

Global Hawk unmanned Aerial vehicle

(uAv), and various rotorcraft platforms,

including the Blackhawk and Apache.

On the ground, we are intently focused

on increasing soldiers’ situational

awareness to keep them safe and

provide actionable information about

enemy activity. we are supporting

development of the next generation of

fighting vehicles such as the U.S. Ground

Furthermore, Curtiss-wright’s technology

spans a wide array of defense customers,

domestically and internationally, limiting

our exposure to individual program

delays and cancellations. regardless of

Pentagon spending trends, Curtiss-wright

is confident that, given our broad range

of customers, leading-edge product

portfolio, extensive installed base, and

worldwide coverage, we will continue to

perform well in our defense markets.

(A) Defense electronics from Curtiss-Wright provide the open architecture processing performance required in the U.S. Marine
Corps’ Ground/Air Task Oriented Radar (G/ATOR) Program, a multi-role radar system that benefits the military through increased
range, accuracy, tactical mobility, and reliability. (B) The P-8A Poseidon Multi-mission Maritime Aircraft, designed to provide long-
range surveillance and reconnaissance, utilizes a variety of Curtiss-Wright technologies, including our single board computer, data
communication, sensors, and graphics and video products. (C) Our advanced integrated mission and sensor management system is
integral to the U.S. Navy BAMS Unmanned Aircraft System’s mission of protecting the fleet through persistent surveillance.

2011 Business Overview | 9

Dear shareholders:

The theme of this year’s business overview
highlights a core competency of
Curtiss-wright: Technologies that Matter.

with a history of dedication to engineering and innovation, we have

continually shown the ability to adapt and evolve with the ever-changing

environments in which we participate. At the root of this flexibility is our

technological expertise. We have compiled an extensive product offering of

critical technologies, tactically building the Company through solid organic

growth and strategic acquisitions. Most importantly, our technologies

provide increased safety, reliability, and performance in the most demanding

environments, serving numerous customers across a multitude of industries.

As a result of our dedication to technological leadership, i am pleased to

report solid growth in sales and profitability in 2011 which should position

us well for future years.

in fact, Curtiss-wright produced a 9% increase in sales, along with double-

digit growth in operating income and earnings per share in 2011. An essential

part of this performance has been management’s steadfast commitment to

cost reduction and restructuring to continually improve our profitability. As

world economies slowed late last decade and finally began to show signs of

recovery in 2011, our management team has remained intensely focused on

opportunities to help fuel increased operating efficiency for Curtiss-Wright by

making strategic investments, consolidating existing facilities, expanding into

more cost-efficient locations, and shifting production to low-cost economies.

With operations across six continents, our global presence provides both

opportunity and stability to our financial and operational performance, while

the diversification of our business model remains a key component to our

long-term success.

10 | Curtiss-wright

net sales

Dollars in millions

4
5
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0
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$

0
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1
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3
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2
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Operating income

Dollars in millions

7
9
1
$

9
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1
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0
8
1
$

9
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1
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5
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net earnings

Dollars in millions

0
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9
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Technologies that Matter Do
not Just Happen

The pace of technological innovation

continues to accelerate. Capturing

opportunities in rapidly changing

global markets also requires a

combination of attributes and skills

that few other companies can match. At

Curtiss-wright, we continually sharpen

the five specific differences that

distinguish us from our competition.

Unique technologies effectively deployed.
Curtiss-wright has an impressive 82-year

record for enhancing the safety, reliability,

and performance of its customers’ end

market applications. The aforementioned

topics of nuclear power, surface

technologies, oil and gas, and defense

electronics are but a few noteworthy

examples of the type of critical, high-

value technologies that Curtiss-wright

provides to its customers.

Expert program execution.
Curtiss-wright employees have worked

in the most critical technologies

such as electronic sensors and

diligently to compile an exemplary record

embedded computing that spans

of project and program execution, which

hundreds of programs covering both

is reflected in our frequent selection as a

new development and equipment

key supplier to commercial projects and

replacement programs. This also

contributor to many of the nation’s most

resonates throughout our commercial

important defense programs.

markets where, for example, we provide

Flexible, entrepreneurial operating structure.
A vital part of our success is an operating

structure that relentlessly focuses on

business results. we enable success by

allowing talented managers sufficient

latitude for action within an acceptable risk

framework. we are not blinded by our own

a significant number of high-technology

products for the power generation

industry, as well as a diverse array of

metal treatment services for various

commercial applications. As a result,

we offer one of the most diversified

technology portfolios in the industry.

technologies as evidenced by our success

at integrating acquisitions. we maintain a

Long-running customer relationships.
Curtiss-wright has enjoyed well-

flat corporate structure that enforces strict

established customer relationships

standards for operating results.

with many of the world’s premier

Lowered program risk through diversity.
Like few others in our defense markets,

Curtiss-wright enjoys a base of business

manufacturers, some of which date

back to the founding of the present

Company in 1929. These relationships

2011 Business Overview | 11

have been strengthened over the years

During 2011, we booked new orders of

systems as we await the next phase of

by our outstanding record of adaptability,

$2.1 billion, an increase of 8% over the prior

modernization efforts or new development

reliability, and performance.

year, resulting in a strong year-end backlog

initiatives in the u.s. Lastly, despite the

Financial and Operational strength

of approximately $1.7 billion. The growth in

current uncertainty facing future defense

new orders was driven by our key position as

spending, along with the potential for

Our financial performance in 2011

a premier supplier of products and services

ongoing headline pressure as we enter

showed solid sales and stronger

supporting safety-related upgrades on

an election year, we remain confident that

profitability as our cost reduction and

operating commercial nuclear power plants,

our presence on C4isr and unmanned

restructuring initiatives clearly took hold

strong demand coming from the commercial

platforms will provide significant

and positively impacted our results.

aerospace market, and solid demand for

opportunities for Curtiss-wright to upgrade

net sales of $2.1 billion represented a

9% increase from the prior year, driven

by robust demand for our unique and

highly engineered products and services,

Maintenance, repair and Overhaul (MrO)

current program technology and lead

products from the oil and gas industry – all

future development of new technological

of which, we believe, should fuel solid future

advances for our armed forces.

growth in each market.

In our commercial markets, we experienced

particularly in our Metal Treatment

Our free cash flow, defined as cash flow

strong 12% growth as we benefitted from

segment. we achieved this solid

from operations less capital expenditures,

the ongoing ramp up in commercial aircraft

performance through a combination of

was $118 million for the year, equating to

production rates at Boeing and Airbus,

steady organic growth and the addition of

a 90% cash conversion.

seven new companies to our vast portfolio

of products and services.

Growing Our strategic Markets

as well as generally improved global

economic conditions. A key beneficiary

of the ongoing economic improvements

Operating income increased 14% to

$205 million and our net earnings rose 22%

to $130 million, or $2.77 per fully diluted

share. Meanwhile, we continued our efforts

to improve operating efficiency as we

succeeded in growing our operating margin

to 10.0% in 2011, primarily led by a strong

turnaround in our Metal Treatment segment

as worldwide economic improvement drove

higher volumes. in our Motion Control

segment, higher demand for our sensor and

control products and the continual benefits

generated by our business restructuring

and cost reduction efforts were offset by

the negative impact of acquisitions and

unfavorable foreign currency translation.

Our defense markets grew 4%, led

was our general industrial market, which

by increased demand in aerospace

experienced solid growth over the prior

defense for embedded computing and

year led by strong sales to the automotive

sensor and control products, supporting

and HvAC industries. Once again, our

Command, Control, Communications,

energy markets remained mixed, as strong

Computers, intelligence, surveillance, and

sales related to maintenance and upgrades

reconnaissance (C4isr) applications, as

on various nuclear power plant projects

well as the F-35 Joint strike Fighter and

were somewhat offset by lower capital

various helicopter programs. sales to the

spending worldwide on larger projects in

U.S. Navy were mixed, as increased sales

the oil and gas industry. it is worth noting

related to the expansion of its fleet of

that a significant portion of our power

submarines and the ramp up in production

generation sales came from solid organic

on the new Cvn-79 aircraft carrier were

growth supporting operating nuclear

more than offset by the winding down of

plants worldwide due to the renewed

the Cvn-78 carrier and electromagnetic

interest in products to aid safety and

Aircraft Launching system programs.

extend the reliability of existing reactors.

Meanwhile, our Flow Control segment

Meanwhile, the geographic diversity of

Overall, we remain well positioned within

experienced a decrease in operating income

our business led to strong sales into the

our core markets, presenting us with a

primarily due to weaker international project

international ground defense market

balanced portfolio that offers solid future

sales in its oil and gas business.

for turret drive aiming and stabilization

growth in sales and profitability.

12 | Curtiss-wright

Disciplined Capital Deployment

Mr. rivet has an in-depth understanding of

Finally, i would like to thank the

we remain committed to a disciplined

capital deployment strategy that

consists of reinvesting in our business

and growing through acquisitions,

combined with our continued

commitment to increasing shareholder

value through solid earnings per

share growth, dividends, and share

repurchases. As such, late in 2011,

we increased the authorization of

our stock repurchase program by an

additional three million shares and

opportunistically began purchasing

shares for the first time in nearly a

decade. we also maintained our annual

dividend in 2011, reflecting the Board’s

continued confidence in our ability to

deliver strong revenue and profitability

growth, along with solid free cash flow

generation. we later announced the

successful completion of a $300 million

debt offering, allowing us to more

closely align our capital structure with

our overall corporate growth strategies.

Meanwhile, our balance sheet

remains strong with a net debt-to-

book capitalization of 24%, including

$575 million in senior notes. The

strength of our balance sheet should

not be underestimated, as it provides

a tremendous amount of financial

flexibility to continue the pursuit of our

strategic goals to grow both organically

and through niche acquisitions.

in recognition

We expanded our Board of Directors

with the additions of robert J. rivet and

Dean M. Flatt.

the preparation and analysis of financial

untiring efforts and hard work of our

statements based upon his 35 years of

approximately 8,900 employees, whose

financial experience. He most recently

ongoing dedication and commitment will

served as Executive Vice President, Chief

ensure our continued success. One of the

Operations and Administrative Officer of

key driving forces behind every one of our

Advanced Micro Devices and previously

employees at Curtiss-wright is to increase

spent nine years as its Chief Financial

long-term shareholder value.

Officer. In addition, he led numerous

acquisition and divestiture activities while

at Advanced Micro Devices and Motorola

Corporation. His extensive financial

knowledge will be an invaluable asset to

the Board in its oversight of the integrity of

the Company’s financial statements and the

financial reporting process. He is currently

a member of the Finance and Audit

Committees of the Board of Directors.

Despite the significant world political

and economic turmoil in recent years,

Curtiss-wright has maintained the course

of its strategic plan. we continue to

grow our global footprint, significantly

expanding the geographic diversity and

competitiveness of our business into key

markets throughout Asia, europe, and south

America. As a result, our international

exposure now represents approximately

Mr. Flatt possesses a deep knowledge of

30% of our total sales, and we will continue

the aerospace industry and private equity

to look for opportunities to expand our

investing, which will aid us in exploring

suite of products and services into existing

new opportunities for aerospace products

and new markets, where appropriate.

and services, and strengthen our ability

to evaluate strategic acquisitions. He

most recently served as President and

Chief Operating Officer of Honeywell

international’s Defense and space

Business. He also is a member of the

Operating Executive Board of JF Lehman

& Company, a private equity firm that

focuses on acquiring companies and

technologies in the defense, aerospace,

and maritime industries. He is currently a

member of the Audit Committee and the

Committee on Directors and Governance

of the Board of Directors.

We welcome their seasoned financial and

operational perspectives and look forward

to their contributions to Curtiss-wright.

Lastly, we remain relentlessly focused on

growing our Company through strategic

acquisitions and solid organic growth,

improving our operating margins, and

increasing the overall competitiveness of

our businesses.

Curtiss-wright is an innovative leader,

supplying unique technologies that matter.

As such, we remain well positioned for

above-average growth and improved

operating efficiency in 2012 and beyond.

Martin R. Benante
Chairman and Chief Executive Officer

2011 Business Overview | 13

Motion Control

Predator Systems
Incorporated

designs and manufactures
motion control components
and subsystems for ground
defense, ordnance guidance,
and aerospace applications.
its proprietary electro-
hydraulic technologies
broaden Curtiss-wright’s motion control portfolio. its engineering
expertise and advanced product technologies add key building
blocks to our actuation, sensor, and electronics product lines.

South Bend Controls

designs and manufactures
highly engineered, solenoid-
based components for the
aerospace and defense,
industrial, and medical
markets. The combination
of its unique common
solenoid valve design and
engineering expertise and Curtiss-Wright’s sensor and solenoid valve
solutions strengthens our portfolio of highly engineered valves and
regulators, providing customers with a full breadth of component
capabilities and technologies.

ACRA Control, Limited

designs and manufactures
data acquisition systems
for global defense and
commercial aerospace
markets. ACrA serves a
diverse and expanding
customer base of the world’s
leading fixed-wing aircraft
and rotorcraft manufacturers.
This expertise and experience provides Curtiss-Wright penetration into
the global aircraft test and instrumentation market.

2011 Acquisitions

Flow Control

Douglas Equipment

supplies ground support
vehicles for the defense
and commercial aviation
markets. The addition of
these products enhances
Curtiss-wright’s capabilities
and presence in its core
naval defense market and
offers the opportunity to further expand its presence in commercial
aircraft handling.

Anatec and LMT

perform testing and inspection
services for commercial
nuclear power plants to
ensure safety, operational
soundness, and compliance
with regulatory codes.
Their expertise strategically
fits Curtiss-Wright’s existing
outage service business
and positions the Company as a leader in the u.s. nuclear plant outage
segment while providing opportunities to expand into additional
international nuclear plants and OeM services.

Metal Treatment

BASF Surface Technologies

applies metallic and ceramic
thermal spray coatings
primarily for the aerospace
and power generation
markets. These capabilities
add a new offering in the
area of high-technology
coatings to Curtiss-wright’s
existing portfolio of niche coating technologies.

IMR Test Labs

performs mechanical and
metallurgical testing services
for the aerospace, power
generation, and medical
markets. These capabilities
enable Curtiss-wright to
enter a highly technical
service niche in the
manufacturing value chain for components used in premium industrial
markets. IMR’s expertise in non-metallic materials, including ceramics,
composites, and polymers, facilitates expansion into other high-
technology markets and services.

14 | Curtiss-wright

Flow Control segment

specializes in the design and manufacture of highly engineered valves, pumps, motors,
generators, electronics, systems, and related products that regulate the flow of liquids
and gases in severe service environments in power generation, oil and gas processing,
naval defense, and general industrial applications. Businesses include:

electro-Mechanical systems
High-performance pumps, motors, generators, power conditioning electronics,

electronic control integration, and protection solutions.

Key End Markets

• naval Defense
• Power Generation
• Oil and Gas
• General industrial

nuclear Group
engineered solutions supporting critical components, systems integration,

Key End Market

• Power Generation

qualification and dedication, and related services that set the standard for

safety, quality, and high performance on operating reactors and for new

plant construction.

Oil and Gas systems
Design and manufacture of valves, vessel products, valve automation and

control systems, coke unheading systems, and fluidic catalytic cracking unit

components. specialized valve solutions and web-enabled software that

Key End Markets

• Oil and Gas
• Power Generation
• General industrial

control the flow of liquids and gases and prevent over-pressurization of vessels,

pipelines, and equipment.

Marine and Power Products
Specialized valves that control the flow of liquids and gases and prevent over-

pressurization of equipment. shipboard helicopter and cable handling systems,

as well as airport-based aircraft handling solutions. electronic instrumentation

and control equipment, including custom and commercial off-the-shelf

electronic circuit boards and systems.

Key End Markets

• naval Defense
• Power Generation
• Oil and Gas
• General industrial
• Commercial Aerospace

2011 Business Overview | 15

Motion Control segment

Integrates complex elements for use in flight control, mechanical actuation and drive
systems, sensing, and embedded computing system applications. Businesses include:

Defense solutions
rugged, commercial off-the-shelf electronic modules and integrated systems

for defense markets. Highly engineered solutions from modular open systems

approaches to fully custom optimized solutions deployed in a wide range of

demanding defense applications, including C4isr, unmanned systems, mission

computing, fire control, turret stabilization, recording, and storage solutions.

Key End Markets

• Aerospace Defense
• Ground Defense
• naval Defense

Flight systems
Actuation, motion control, complex manufacturing, and aftermarket services

for components and systems used in aerospace applications. Passenger

aircraft applications include trailing edge flaps and cargo door motion

control systems. Military aircraft applications include weapons handling

systems and canopy actuators.

Key End Markets

• Commercial Aerospace
• Aerospace Defense

industrial
Component level solutions for general industrial applications. Examples

Key End Market

• General industrial

include joysticks and position sensors that operate in on- and off-highway

vehicle systems, custom solenoid actuators used for automotive truck braking

systems, contactless rotary sensors for gear position indication in motorsport

sequential gearboxes, and contactless linear sensors for suspension position

feedback in Formula 1 racing.

Avionics & electronics
rugged data acquisition, recording, and controller sub-system solutions

for aerospace and ground applications. Modular products ideal for flight

testing, airborne recording, rugged computing, and space applications. Highly

customized control electronics are trusted for aircraft ice and fire protection
systems. Fifty years of experience supplying compact and versatile crash

protected recorders.

Key End Markets

• Commercial Aerospace
• Aerospace Defense
• Ground Defense

integrated sensing
High-precision engineering specializing in the production of high-performance

displacement transducers, including linear and rotary sensors. Precision,

flight-critical low-powered actuation, both rotary and linear, featuring gear

heads, clutches, brakes, and integral position sensing. The group also supplies

solenoids and valves used in hydraulic, pneumatic, and fuel systems.

Key End Markets

• Commercial Aerospace
• General industrial

16 | Curtiss-wright

Metal Treatment segment

Provides services that enhance the performance and extend the life of critical
components utilized in aerospace, power generation, transportation and automotive, and
general industrial markets. Primary surface treatment technologies include:

shot Peening
spherical metallic, ceramic, or glass balls are directed at a metal component

in a controlled manner to impart a beneficial compressive stress layer on the

surface that improves the fatigue resistance and durability of the part. shot

peening is also used to shape the complex aerodynamic curvatures of the wing

skins of commercial and business aircraft.

Key End Markets

• Commercial Aerospace
• Defense
• Transportation and

Automotive

• General industrial

Laser Peening
A high-energy laser beam generates shock waves at the surface of a metal

component to induce beneficial compressive stresses that are four times

deeper than can be achieved by traditional metal treatment processes. This

technology provides the highest level of fatigue protection for mission-

Key End Markets

• Commercial Aerospace
• Power Generation
• Defense

critical components.

specialty Coatings
Thermal spray coatings provide thermal barrier protection, abrasion and erosion

resistance, and high temperature oxidation and corrosion resistance for aerospace

and power generation applications. Solid film lubricant and zinc-rich coatings

provide sliding wear, anti-seizing, and corrosion resistance in automotive, commercial

aerospace, and defense applications. Parylene coatings provide lubricity, moisture

barrier resistance, and biocompatibility in medical device and electronic applications.

Key End Markets

• Commercial Aerospace
• Transportation and

Automotive

• General industrial
• Power Generation

Analytical services
includes metallurgical, mechanical, and chemical testing services of metal and

composite materials for the aerospace, power generation, and medical markets

using analytic equipment. Materials testing is utilized in the raw material selection

and validation during the design phase and on-going quality assurance, process

verification, and finished goods testing during the production phase. Expertise in

failure analysis further aids in identifying and solving surface treatment issues.

Key End Markets

• General industrial
• Commercial Aerospace
• Power Generation
• Medical
• Aerospace Defense

Thermal Treatment
Air, inert gas, and vacuum furnaces are utilized to heat treat metal parts in

controlled heating and cooling cycles to improve overall strength, ductility,

and other mechanical properties.

Key End Markets

• Commercial Aerospace
• Automotive
• General industrial

2011 Business Overview | 17

segment Financial information

Year ended December 31 (In millions, except percentages; unaudited)

2011

2010

Change

Sales

Flow Control

Motion Control

Metal Treatment

Total Sales

Operating Income
Flow Control

Motion Control

Metal Treatment

Total Segments

Corporate and Other

Total Operating Income

Operating Margins
Flow Control

Motion Control

Metal Treatment

Total Segments

Consolidated Margin

Note: Amounts may not add to the total due to rounding.

$1,060.8

$1,024.8

710.0

283.3

647.0

221.3

$2,054.1

$1,893.1

3.5%

9.7%

28.0%

8.5%

(1.0%)

0.7%

70.5%

8.5%

(23.7%)

14.0%

$104.4

80.4

25.8

$210.6

(30.8)

$179.8

10.2%

(50) bps

12.4%

(100) bps

11.7%

380 bps

11.1%

—

9.5%

50 bps

$103.4

81.0

44.0

$228.4

(23.5)

$204.9

9.7%

11.4%

15.5%

11.1%

10.0%

Flow Control sales

Motion Control sales

Metal Treatment sales

100

naval Defense (5%)

100

naval Defense (31%)

Commercial
Aerospace (2%)

Oil and Gas (23%)

Power
Generation (34%)

General
industrial (10%)

Aerospace
Defense (39%)

Ground Defense (16%)

Other Defense (4%)

Commercial
Aerospace (26%)

General
industrial (10%)

Aerospace
Defense (10%)
Other Defense (2%)

Commercial
Aerospace (39%)

Oil and Gas (3%)

Power
Generation (8%)

General
industrial (38%)

18 | Curtiss-wright

Historical Financial Performance

Five-Year review
For the years ended December 31 (In millions, except per share data; unaudited)

Performance
net sales

Earnings before interest, taxes, depreciation, and amortization

net earnings

Cash flow from operations

earnings per share

Basic

Diluted

Dividends per share

return on sales

return on invested capital(1)

new orders

Backlog at year end

Year-end financial position
working capital

Current ratio

Total assets

Total debt

stockholders’ equity

stockholders’ equity per share

Other year-end data
Free cash flow

Depreciation and amortization

Capital expenditures

shares of stock outstanding at December 31

number of registered shareholders(2)

number of employees(2)

2011

2010

2009

2008

2007

$2,054.1

$1,893.1

$1,809.7

$1,830.1

$1,592.1

294.1

130.4

202.4

$2.81

2.77

0.32

6.3%

9.3%

260.3

106.6

171.7

246.8

95.2

196.6

272.4

109.4

179.8

244.3

104.3

139.1

$2.33

$2.10

$2.45

$2.35

2.30

0.32

5.6%

8.3%

2.08

0.32

5.3%

8.1%

2.41

0.32

6.0%

9.5%

2.32

0.28

6.6%

10.3%

$2,066.0

$1,695.4

$1,918.5

$1,730.5

$2,232.1

$1,870.4

$1,670.0

$1,626.9

$1,679.2

$1,303.8

$661.7

$472.1

$313.2

$350.0

$359.6

2.3

2.1

1.6

1.8

1.9

$2,652.8

$2,242.0

$2,142.0

$2,042.0

$1,985.6

$586.4

$396.6

$465.1

$1,229.0

$1,160.1

$1,026.8

$26.44

$25.15

$22.50

$117.5

$118.7

$120.9

88.3

84.8

46.5

5,347

8,883

$79.9

$53.0

46.1

5,470

7,588

$76.5

$75.6

45.6

5,797

7,572

$516.7

$866.8

$19.23

$76.2

$74.3

$103.7

45.1

6,193

7,968

$511.9

$914.8

$20.51

$84.7

$62.7

$54.4

44.6

6,331

7,471

Note: Amounts may not add to the total due to rounding.
(1) Return on invested capital is net operating profit after-tax over two-year average net debt plus equity.
(2) Amounts in actual.

Stock Price Range

Dividends per Share

Common

2011

2010

Common

First quarter

second quarter

Third quarter

Fourth quarter

High

Low

High

Low

$38.92

$32.34

$36.48

$28.32

First quarter

35.75

33.15

36.00

30.97

25.67

26.92

37.54

31.49

34.01

28.92

26.11

28.78

second quarter

Third quarter

Fourth quarter

2011

2010

$0.08

0.08

2011 Business Overview | 19

report of independent registered
Public Accounting Firm

To the Board of Directors and stockholders of
Curtiss-wright Corporation
Parsippany, new Jersey

we have audited the consolidated balance sheets of Curtiss-wright Corporation and subsidiaries (the “Company”) as

of December 31, 2011 and 2010, and the related consolidated statements of earnings, stockholders’ equity, and cash

flows for each of the three years in the period ended December 31, 2011. Such consolidated financial statements

and our report thereon dated February 24, 2012, expressing an unqualified opinion (which are not included herein),

appear under item 8 of the Company’s Annual report on Form 10-K for the year ended December 31, 2011. The

accompanying condensed consolidated financial statements are the responsibility of the Company’s management.
Our responsibility is to express an opinion on such condensed consolidated financial statements in relation to the

complete consolidated financial statements.

in our opinion, the information set forth in the accompanying condensed consolidated balance sheets as of

December 31, 2011 and 2010, and the related condensed consolidated statements of earnings and of cash flows

for each of the three years in the period ended December 31, 2011, is fairly stated in all material respects in

relation to the consolidated financial statements from which it has been derived.

Parsippany, new Jersey
February 24, 2012

20 | Curtiss-wright

Consolidated statements of earnings

For the years ended December 31 (In thousands, except per share data)

2011

2010

2009

Net sales

Cost of sales

Gross profit

Research and development expenses

Selling expenses

General and administrative expenses

Operating income

Interest expense

Other income, net

Earnings before income taxes

Provision for income taxes

Net earnings

Net earnings per share:

Basic earnings per share

Diluted earnings per share

Weighted average shares outstanding:

Basic

Diluted

$2,054,130

$1,893,134

$1,809,690

(1,378,012)

$676,118

(62,115)

(119,438)

(289,609)

$204,956

(20,834)

867

$184,989

(54,566)

$130,423

$2.81

$2.77

46,372

47,013

(1,271,381)

(1,214,159)

$621,753

(54,131)

(111,773)

(276,026)

$179,823

(22,107)

579

$158,295

(51,697)

$106,598

$2.33

$2.30

45,823

46,322

$595,531

(54,645)

(106,187)

(265,380)

$169,319

(25,066)

1,006

$145,259

(50,038)

$95,221

$2.10

$2.08

45,237

45,695

2011 Business Overview | 21

Consolidated Balance sheets

At December 31 (In thousands, except share data)

2011

2010

Assets
Current assets

Cash and cash equivalents

receivables, net

inventories, net

Deferred tax assets, net

Other current assets

Total current assets

Property, plant, and equipment, net

Goodwill

Other intangible assets, net

Deferred tax assets, net

Other assets

Total assets

Liabilities
Current liabilities

Current portion of long-term and short-term debt

Accounts payable

Accrued expenses

Income taxes payable

Deferred revenue

Other current liabilities

Total current liabilities

Long-term debt

Deferred tax liabilities, net

Accrued pension and other post-retirement benefit costs

Long-term portion of environmental reserves

Other liabilities

Total liabilities

Contingencies and Commitments
Stockholders’ equity

Common stock, $1 par value, 100,000,000 shares authorized at December 31, 2011 and 2010; 48,878,448
and 48,557,638 shares issued at December 31, 2011 and 2010, respectively; outstanding shares were
46,484,723 at December 31, 2011 and 46,133,766 at December 31, 2010

Additional paid in capital

Retained earnings

Accumulated other comprehensive loss

Less: Common treasury stock, at cost (2,393,725 shares at December 31, 2011 and 2,423,872 shares at

December 31, 2010)

Total stockholders’ equity

Total liabilities and stockholders’ equity

22 | Curtiss-wright

$194,387

556,026

320,633

54,275

41,813

$1,167,134

$443,555

759,442

261,448

12,137

9,121

$68,119

461,632

281,103

48,568

40,605

$900,027

$397,280

693,572

240,197

1,033

9,909

$2,652,837

$2,242,018

$2,502

150,281

105,196

4,161

200,268

42,976

$505,384

$583,928

24,980

232,794

19,067

57,645

$2,602

133,180

99,966

3,111

146,770

42,310

$427,939

$394,042

26,815

166,591

19,091

47,437

$1,423,798

$1,081,915

$48,879

143,192

1,187,989

(65,131)

1,314,929

(85,890)

$1,229,039

$2,652,837

$48,558

130,093

1,072,459

(2,813)

1,248,297

(88,194)

$1,160,103

$2,242,018

Consolidated statements of Cash Flows

For the years ended December 31 (In thousands)

Cash flows from operating activities
Net earnings

Adjustments to reconcile net earnings to net cash provided by operating activities:

Depreciation and amortization

net (gain) loss on sales and disposals or impairments of long-lived assets

Gain on bargain purchase

Gain on divestiture

Deferred income taxes

share-based compensation

Changes in operating assets and liabilities, net of businesses acquired and disposed of:

Accounts receivable, net

inventories, net

Progress payments

Accounts payable and accrued expenses

Deferred revenue

Income taxes payable

net pension and post-retirement liabilities

Other current and long-term assets and liabilities

Total adjustments

net cash provided by operating activities

Cash flows from investing activities
Proceeds from sales and disposals of long-lived assets

Acquisitions of intangible assets

Additions to property, plant, and equipment

Acquisition of businesses, net of cash acquired

Disposition of businesses

net cash used for investing activities

Cash flows from financing activities
Borrowings of debt

Principal payments on debt

Repurchases of company stock

Proceeds from exercise of share-based payments

Dividends paid

Excess tax benefits from share-based compensation

Net cash provided by (used for) financing activities

Effect of exchange-rate changes on cash

Net increase in cash and cash equivalents

Cash and cash equivalents at beginning of year

Cash and cash equivalents at end of year

Supplemental disclosure of investing activities

2011

2010

2009

$130,423

$106,598

$95,221

$88,300

(670)

—

(1,298)

3,345

9,621

(86,000)

(23,429)

11,264

15,628

53,498

3,917

(4,234)

1,997

$79,946

1,446

—

2,828

13,378

(60,208)

10,640

6,493

9,925

(20,913)

(1,122)

24,528

(1,829)

$76,480

1,917

(1,937)

—

(6,470)

15,264

9,250

17,819

(8,573)

(30,565)

28,724

(11,326)

19,654

(8,879)

$71,939

$65,112

$202,362

$171,710

$101,358

$196,579

$2,497

(22)

(84,831)

(178,080)

8,100

$744

(1,608)

(52,980)

(42,200)

—

$3,789

(673)

(75,643)

(68,623)

—

$(252,336)

$(96,044)

$(141,150)

$1,302,600

$513,100

$711,059

(1,112,814)

(581,771)

(762,759)

(8,178)

11,746

(14,893)

1,343

—

10,560

(14,729)

985

—

10,557

(14,559)

378

$179,804

$(71,855)

$(55,324)

(3,562)

126,268

68,119

$194,387

(702)

3,109

65,010

$68,119

4,200

4,305

60,705

$65,010

$81,103

1,835

(12,102)

(276)

(1,937)

Fair value of assets acquired from current-year acquisitions

$204,363

$49,939

Additional consideration paid on prior year acquisitions

Liabilities assumed from current year acquisitions

Cash acquired

Gain on bargain purchase

—

(20,501)

(5,782)

—

1,153

(8,206)

(686)

—

Acquisition of businesses, net of cash acquired

$178,080

$42,200

$68,623

2011 Business Overview | 23

shareholder information

Direct stock Purchase Plan/
Dividend reinvestment Plan
A plan is available to purchase or sell
shares of Curtiss-wright common stock.
The plan provides a low-cost alternative
to the traditional methods of buying,
holding, and selling stock. The plan also
provides for the automatic reinvestment
of Curtiss-wright dividends. For more
information, contact our transfer
agent, American stock Transfer & Trust
Company, toll free at (800) 416-3743.

investor information
investors, stockbrokers, security
analysts, and others seeking
information about Curtiss-wright
Corporation should contact
James M. ryan, Director of investor
relations, at the Corporate Headquarters.

shareholder
Communications
Any stockholder wishing to
communicate directly with our
Board of Directors should write to
Dr. william w. sihler at southeastern
Consultants Group, Ltd., P.O. Box
5645, Charlottesville, virginia 22905.

Financial reports
This brochure includes some of the
periodic financial information required
to be on file with the Securities and
Exchange Commission. The Corporation
also files an Annual Report on Form
10-K, a copy of which may be obtained
free of charge. These reports, as well
as additional financial documents such
as quarterly shareholder reports, proxy
statements, and quarterly reports on
Form 10-Q, may be obtained by written
request to James M. ryan, Director of
investor relations, at the Corporate
Headquarters or at the Corporation’s
website: www.curtisswright.com.

Directors

Martin R. Benante
Chairman of the Board of
Directors

Dean M. Flatt
Director, Ducommun, inc.;
Former President and
Chief Operating Officer of
Honeywell international’s
Defense and space Business

S. Marce Fuller
Director, earthlink, inc.;
Former President and
Chief Executive Officer
of Mirant Corporation,
inc. (formerly known as
southern energy, inc.)

Dr. Allen A. Kozinski
Former vice President of
Global Refining of British
Petroleum PLC

William B. Mitchell
Trustee, Mitre Corporation;
Former vice Chairman of
Texas Instruments Inc.

John R. Myers
Former Chairman and
Chief Executive Officer
of Tru-Circle Corporation;
Management Consultant;
Former Chairman of the
Board of Garrett Aviation
services

Officers

Martin R. Benante
Chief Executive Officer

David C. Adams
Co-Chief Operating Officer

David J. Linton
Co-Chief Operating Officer

Thomas P. Quinly
vice President

Glenn E. Tynan
vice President and
Chief Financial Officer

Michael J. Denton
vice President,
General Counsel and
Corporate secretary

John B. Nathman
Admiral, u.s. navy (ret.)

Robert J. Rivet
Former Executive Vice
President, Chief Operations
and Administrative Officer of
Advanced Micro Devices, inc.

Dr. William W. Sihler
ronald e. Trzcinski
Professor of Business
Administration,
Darden Graduate
school of Business
Administration,
university of virginia

Albert E. Smith
Director, Tetra Tech, inc.;
Former Executive Vice
President and Officer
of Lockheed Martin
Corporation

Harry S. Jakubowitz
vice President and
Treasurer

Glenn G. Coleman
vice President and
Corporate Controller

Paul J. Ferdenzi
vice President, Human
resources
Assistant secretary and
Associate General Counsel

Corporate Headquarters
10 waterview Boulevard, 2nd Floor
Parsippany, new Jersey 07054
www.curtisswright.com
Tel: (973) 541-3700

Annual Meeting
The 2011 annual meeting of
stockholders will be held on May 4,
2012 at 10:00 a.m. at the Parsippany
sheraton Hotel, 199 smith road,
Parsippany, new Jersey 07054.

Stock Exchange Listing
The Corporation’s common stock is
listed and traded on the new York
Stock Exchange under the symbol CW.

Common shareholders
As of December 31, 2011, the
approximate number of registered
holders of record of common stock,
par value of $1.00 per share of the
Corporation, was 5,347.

Forward-Looking
statements
This brochure contains not only
historical information, but also
forward-looking statements regarding
expectations of future performance
of the Corporation. Forward-
looking statements involve risk
and uncertainty. Please refer to the
Corporation’s 2011 Annual report on
Form 10-K for a discussion relating to
forward-looking statements contained
in this brochure and risk factors that
could cause future results to differ
from current expectations.

stock Transfer Agent
and registrar
For services such as changes of address,
replacement of lost certificates or
dividend checks, and changes in
registered ownership or for inquiries
as to account status, write to American
stock Transfer & Trust Company at
59 Maiden Lane, new York, new York
10038. Please include your name,
address, and telephone number with
all correspondence. Telephone inquiries
may be made to (800) 937-5449 or
(212) 936-5100 internationally. internet
inquiries should be directed to
www.amstock.com. Hearing-impaired
shareholders are invited to log on to the
website and select the Live Chat option.

24 | Curtiss-wright

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2011 Business Overview | 1

Curtiss-wright Corporation
10 waterview Boulevard
Parsippany, new Jersey 07054

www.curtisswright.com

2 | Curtiss-wright