Exhibit 99.1

[CURTISS WRIGHT LOGO]                                      [CW LISTED NYSE LOGO]

                                  NEWS RELEASE

                   1200 Wall Street West, Lyndhurst, NJ 07071
                        (201) 896-8400 o FAX (201) 438-5680
                              www.curtisswright.com

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CONTACT: Gary Benschip                                    FOR IMMEDIATE RELEASE
         (201) 896-8520
         gbenschip@cwcorp.curtisswright.com


           Curtiss-Wright Completes Sale of Wood-Ridge Industrial Park


LYNDHURST, N.J., Dec 21, 2001 -- Curtiss-Wright Corporation (NYSE: CW) announced
that it has completed the sale of its Wood-Ridge Business Complex to Wood-Ridge
Industrial Property Owner LLC, who will continue operating the business complex
as a rental property to tenants engaged in light manufacturing, assembly and
warehousing operations. The business complex comprises approximately 2.3 million
square feet of rental space located on 138 acres of land. Curtiss-Wright will
retain the responsibility to continue its environmental remediation efforts on
the property. The facility was sold for $51 million and resulted in a
non-recurring net gain of $23.1 million, or $2.26 per share.

Martin Benante, Chairman and CEO of Curtiss-Wright, stated, "The sale of the
Wood-Ridge property fulfills our long-standing strategic intent to better
utilize certain assets on our balance sheet and exit the non-core real estate
business. The proceeds will be used to fund future acquisitions in our three
strategic core businesses."

Curtiss-Wright Corporation is a diversified provider of highly engineered
products and services to the Motion Control, Flow Control and Metal Treatment
industries. The firm employs approximately 2,600 people. More information on
Curtiss-Wright can be found on the Internet at www.curtisswright.com.

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Forward-looking statements in this release related to expectations of continued
high revenues related to new commercial aircraft and continued sales and income
growth, and are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those expressed or implied. Readers are cautioned not to
place undue reliance on these forward-looking statements, which speak only as of
the date hereof. Such risks and uncertainties include, but are not limited to: a
reduction in anticipated orders; an economic downturn; changes in the need for
additional machinery and equipment and/or in the cost for the expansion of the
Corporation's operations; changes in the competitive marketplace and/or customer
requirements; an inability to perform customer contracts at anticipated cost
levels; and other factors that generally affect the business of aerospace,
defense, marine, and industrial companies. Please refer to the Company's SEC
filings under the Securities and Exchange Act of 1934, as amended, for further
information.
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