ESCO Technologies Inc : ESCO Announces Acquisition of Canyon Engineering
ST. LOUIS, MO, June 27, 2013 - ESCO Technologies Inc. (NYSE: ESE) today
announced that it has acquired Canyon Engineering Products, Inc. ("Canyon"),
and additionally, purchased Canyon's 70,000 square foot manufacturing facility
located in Valencia, California.
Canyon, with annual revenues of approximately $12 million, has been designing
and manufacturing precision fluid control devices primarily for the aerospace
industry since 1978. Canyon's products, technology and customers are very
similar to Crissair, Inc., which ESCO acquired in 2010.
Given the growth at Crissair over the past two years and the available
manufacturing capacity acquired with Canyon, the Crissair operations currently
located in Palmdale, California will be relocated to Valencia and consolidated
with Canyon over the next 18 months.
Sam Chapetta, Filtration Group Vice President, commented, "Adding Canyon to
the Group clearly makes a positive contribution to our aerospace product
breadth. The acquisition of Canyon's facility also allows us the opportunity
to optimize our manufacturing layout and to gain the economies of scale
available through consolidation and integration. The combined operations will
provide a foundation to accelerate the strong and profitable growth we have
seen from Crissair. I look forward to working with the many talented
employees at both companies as we work together to fully capitalize on the
benefits of our affiliation."
Vic Richey, ESCO Chairman and Chief Executive Officer, commented, "This
acquisition is a meaningful step in our continued efforts to build on the
success of our most profitable operating segment."
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
website at www.escotechnologies.com.
For more information contact:
Kate Lowrey, Director of Investor Relations, (314) 213-7277
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: ESCO Technologies Inc via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.