Curtiss-Wright Corporation announced June 1 that it has sold substantially all of the assets and liabilities of its downstream oil and gas businesses, including the DeltaValve, TapcoEnpro International (TEI) and Groquip business units, to affiliates of Sun Capital Partners Group.
"This transaction represents another critical milestone in our long-term strategy to improve operating margins, increase cash flow, and position Curtiss-Wright for sustained growth," said David C. Adams, Chairman and CEO of Curtiss-Wright Corporation, in a press release. "Similar to the sale of our upstream oil and gas business, we did not possess sufficient critical mass to achieve leading positions across the downstream oil and gas markets served by these assets. The divestiture of these non-core operations will enable us to further focus on becoming a top-quartile performer in our peer group."
DeltaValve provides products and solutions that enhance the heavy crude refining process. This includes secondary processing techniques such as delayed coking, which enables the processing of heavier grades of crude oil and enhanced extraction for refiners including coke drum unheading systems, inline-repairable isolation valves, auto-switch cutting tools and enclosures, and a retractable center-feed device.
TapcoEnpro International is a provider of high performance valves, pressure vessels, electro-hydraulic actuator systems, high pressure reactor vessels, Fluid Catalytic Cracking Unit (FCCU) equipment and other mission-critical products and services to the global refining and petrochemical markets.
Groquip supplies pipeline and offshore valve and actuation services to oil and gas production and exploration industries, relief valves, pressure storage devices, and rupture discs to the chemical, petrochemical and refining markets, and field and in-shop engineering servicing.