BVR Aero Precision a Perfect Fit With Current Esterline Operations
BELLEVUE, Wash., January 6, 2003--Esterline Technologies (NYSE/ESL http://www.esterline.com) a leading specialty manufacturer serving aerospace/ defense markets, today announced that it has acquired the assets of BVR Aero Precision, a maker of precision gear assemblies and electronic data concentrators based in Rockford, Ill. The operation currently generates annual revenues of about $7 million.
Robert W. Cremin, Esterline CEO said, "...the acquisition adds a small but highly regarded company to Esterline's Systems & Sensors platform--one with solid capabilities, products, customer relationships and people, plus a great technological fit with at least five other current Esterline operations." Cremin said, "...BVR maintains leading edge technology for electronics and mission critical software, and we see potential for dynamic growth through collaboration with other Esterline companies."
BVR will operate as a U.S. division of Esterline's France-based Auxitrol S.A., in order to provide maximum access to our international selling activities. Auxitrol is a leading European producer of specialized aerospace sensors and systems.
Cremin said he is "...particularly impressed with BVR's professional management and engineering teams." He said BVR will remain in its Rockford facility and that he, "...anticipates no significant changes in operations or personnel."
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 telecommunications and computer markets and 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.