Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving global aerospace and defense markets, announced today that it has reached an agreement with Chemring Group to sell certain assets of its UK-based subsidiary, Wallop Defence Systems (Wallop). Wallop products are a part of the Esterline Defense Technologies group and the assets involved in the transaction include infrared decoy flare countermeasure products used by military forces in the protection of aircraft from air-to-air and ground-to-air missiles.
The transaction continues Esterline’s recent efforts to streamline operations and align the business to a strategic set of core capabilities. Esterline announced in September 2014 that it had targeted several non-core operations as candidates for sale, including Wallop, and placed financial results for those subsidiaries into discontinued operations. Esterline has completed all other divestitures identified at that time and expects to close the Wallop transaction in early 2016.
Esterline was assisted in the transaction by Edwards Advisory Partners Limited.
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, harsh-environment connection solutions, 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 countermeasure products.
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