BELLEVUE, Wash., November 3, 2008 — Esterline Corporation (NYSE: ESL) today announced the divestiture of its UK based Muirhead Aerospace subsidiary to AMETEK, Inc. (NYSE: AME).
Robert W. Cremin, Esterline CEO said, “…AMETEK is acquiring an excellent manufacturer of specialized motion technology with a reputation in the industry for innovation and high quality.”
Muirhead, one of Esterline’s smaller operations, designs and manufactures a range of specialized motion technology including precision electro-mechanical actuators and servo components for a wide variety of aircraft, land vehicles, ships and missiles. The operation also provides maintenance, repair and overhaul services to the UK’s aviation industry.
Esterline anticipates an after-tax gain on the sale of about $16 million. The gain will be reported in the company’s first quarter, ending January 30, 2009.
Esterline Corporation is a leading world-wide supplier to the aerospace and defense industry specializing in three core areas: Avionics & Controls, Sensors & Systems, and Advanced Materials. Operations within the Avionics & Controls segment focus on high-technology electronics products for military and commercial aircraft and land- and sea-based military vehicles, secure communications systems, specialized medical equipment, and other industrial applications. The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, electrical power distribution equipment, and other related systems principally for aerospace and defense customers. Operations within the Advanced Materials segment focus on technologies including high-temperature resistant materials and components used for a wide range of military and commercial aerospace purposes and combustible ordnance and electronic warfare countermeasure products.
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