Curtiss-Wright announced its intent to move forward with its previously announced potential restructuring initiative within its Metal Treatment segment. As a result, the company announced an acceleration in the timing of a portion of the approximately $12.4M or 18c per diluted share of charges, the vast majority of which was previously expected to occur in the fourth quarter. The company instead will incur non-cash charges of approximately $5M or 8c per diluted share in Q2 of 2012, with the majority of the remaining restructuring charges to be recorded in Q4. The company also expects the second quarter and full year will be negatively impacted by 8c per diluted share related to unanticipated additional investments in the China AP1000 program. These investments primarily relate to replacement materials for stator jackets and higher estimated labor costs for painting, disassembly, inspection and packaging. This will have no impact on the currently scheduled ship dates.
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