Charlotte-based manufacturer Curtiss-Wright Corp. said Monday it has sold “substantially all of the assets and liabilities” of its downstream oil and gas business to affiliates of Sun Capital Partners Group.
The deal includes the sale of three units that manufacture equipment and provide services for various oil refining processes: DeltaValve, TapcoEnpro International and Groquip.
Terms of the deal were not disclosed.
“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, Curtiss-Wright’s chairman and CEO, in a statement.
As was the case when it sold its upstream oil and gas business, Adams said, Curtiss-Wright didn’t have “significant critical mass” to become a leader in the downstream oil and gas markets served by the business units it sold most recently.
“Downstream” refers to oil and gas operations that take place after production through the retail sale and includes refining crude oil. “Upstream” refers to exploration and production of oil before production. Upstream firms first locate, test and drill for oil and gas.
Curtiss-Wright, a manufacturing company with roots that stretch to the Wright Brothers, moved its headquarters to Ballantyne in early 2014. The company reported sales last year of $2.2 billion, up from $2.1 billion in 2013.