Curtiss-Wright Corporation (NYSE:CW) (“Curtiss-Wright” or the “Company”) announced today an agreement with Saddle Point Management, L.P. (together with its affiliates, “Saddle Point”) pursuant to which Saddle Point has withdrawn its proposals and its nominees for election to the Company’s Board of Directors (“Board”) at the Company’s upcoming 2022 Annual Meeting of Stockholders.
“We appreciated our engagement with Saddle Point and respect the significant work it has done as part of its approach to investing in our company,” said Lynn M. Bamford, President and CEO of Curtiss-Wright Corporation. “We are always open-minded when it comes to value creation ideas presented by our shareholders. As we have done historically, our approach to Board refreshment will continue to seek the best and most qualified candidates that bring to bear the critical skills and values in light of our business, financial profile and our portfolio’s increasing focus on Defense. We thank Saddle Point for its interest and input as a constructive Curtiss-Wright shareholder.”
“We thank Curtiss-Wright for its offer of continued dialogue as well as its acknowledgement of Saddle Point’s deep work,” said Roy J. Katzovicz, CEO of Saddle Point Management. “Most importantly, we applaud CEO Lynn Bamford’s continued drive towards increasing Defense exposure in the Company’s portfolio.” He added, “Given our constructive discussion with the Company and the onset of global hostilities, we believe that the right path forward is for Curtiss-Wright’s management team to execute their mission-critical work without distraction.”
The date of the 2022 Annual Meeting has not yet been announced. Stockholders are not required to take any action at this time. The Company expects to file its definitive proxy statement with the Securities Exchange Commission in due course.
