ESCO Announces Aerospace Filtration Acquisition
ST. LOUIS, Aug. 4 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. (NYSE: ESE) today announced that it has acquired Crissair, Inc. ("Crissair"), located in Palmdale, California. Crissair, with annual revenues of approximately $27 million, is a manufacturer of high-quality hydraulic, fuel and pneumatic system components for the aerospace industry. Terms of the deal were not disclosed.
Crissair is a leading supplier of fluid control components deployed in a variety of major aircraft platforms, serving both the OEM and aftermarket requirements of its prime customers. The company has been providing highly engineered and precision parts to the aerospace industry for more than 50 years and is recognized by its customers for its reputation as a dependable and experienced source for their fluid control products.
Crissair will join PTI Technologies Inc. and VACCO Industries as part of ESCO's Filtration and Fluid Flow segment.
Sam Chapetta, Filtration Group Vice President, commented, "We are very excited to add such an outstanding company to our Filtration Group, and we are very pleased that Crissair's exceptional management team, led by Linda Bradley, will continue to direct the company's day-to-day operations."
Linda Bradley, President of Crissair, added, "Becoming a part of ESCO certainly creates an exciting growth opportunity for Crissair, as we see many opportunities for the companies to work together in serving our common customer base. Additionally, we are pleased to see that ESCO shares our core values, including a strong focus on customers and employees."
Vic Richey, ESCO Chairman and Chief Executive Officer, commented, "This acquisition not only enhances our aerospace filtration product offering, but also allows us to broaden our industry-specific expertise to better serve our customers."
Forward-Looking Statement
Statements in this press release regarding anticipated annual sales, the impacts, financial and otherwise, of the Crissair acquisition and other statements which are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the Federal Securities Laws. Investors are cautioned that such statements are only predictions, speak only as of the date of this release and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment, including but not limited to: material changes in the Crissair business after closing, customer objections to the change of control of Crissair, failure to obtain necessary third-party and government approvals to the transaction, technical difficulties, shortages of components and raw materials required for the production of Crissair products, increased competition, changes in customer demands, intellectual property rights, the Company's successful execution of internal operating plans and the risk factors identified in Item 1A of the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2009.
ESCO, headquartered in St. Louis, is a proven supplier of special purpose utility solutions for electric, gas and water utilities, including hardware and software to support advanced metering applications and fully automated intelligent instrumentation. In addition, the Company provides engineered filtration products to the aviation, space and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's web site at www.escotechnologies.com.
