ESCO Technologies Inc : ESCO Announces Acquisition of Canyon Engineering Products, Inc.
ESCO Technologies Inc : ESCO Announces Acquisition of Canyon Engineering Products, Inc. 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 Reuters clients. 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 the information contained therein. Source: ESCO Technologies Inc via Thomson Reuters ONE HUG#1712213