Avista Inc. Will Be Software Center of Excellence for Esterline Operations
BELLEVUE, Wash., December 9, 2003--Esterline Technologies (NYSE/ESL www.esterline.com), a leading specialty manufacturer serving aerospace/ defense markets, today announced that it has agreed to acquire the outstanding stock of Avista Inc., a $10 million Wisconsin-based developer of embedded software for mission critical applications.
Robert W. Cremin, Esterline CEO said, “...embedded software is expanding exponentially with each successive generation of hardware. Avista’s capabilities are a perfect fit with our operations, providing a software engineering center of excellence to support our customers with such applications as primary flight displays, flight management systems, air data computers and engine control systems.” Cremin said that Esterline will stimulate Avista’s business through its global sales force, and also by utilizing Avista’s resources for certain embedded computer work currently done at a variety of Esterline units.”
Avista’s expertise includes systems and software requirements and design analysis, development of real-time embedded software, critical software verification and validation, as well as comprehensive project management services.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of Esterline, are not guarantees of future performance, and involve risks and uncertainties that are difficult to predict. Esterline’s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to changes in aerospace/defense industry demand or because of current uncertainties associated with other risks detailed in the company's public filings with the Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended October 25, 2002.