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FOR IMMEDIATE RELEASE
Esterline Technologies Adds Aerospace Custom Switch Operation to Mix
Janco Switches Used on Nearly Every Commercial and Military Aircraft
BELLEVUE, Wash., June 12, 2002--Esterline Technologies (NYSE/ESL http://www.esterline.com), a leading specialty manufacturer for aerospace/ defense and electronics markets, today announced that it has acquired Janco Corporation, an aerospace custom switch company based in Burbank, Calif.
The acquisition adds a highly regarded, profitable company to Esterline's Aerospace group. Janco is the world's leading manufacturer of aircraft rotary switches, potentiometers and sophisticated modular control systems--products used on virtually every commercial and military
aircraft flying.
Robert W. Cremin, Esterline CEO said, "...Janco's products are a mainstay in the aircraft we already support, making this a very strategic addition to Esterline. The manufacturing capabilities and engineering talent we pick up fit well into our growing cockpit controls platform." Cremin said that Janco is another in a series of strategic acquisitions that "...give us more cross-selling opportunities, and provide our customers with greater convenience--one-stop-shopping so to speak."
Esterline now has completed more than fifteen acquisitions in the last five years and Cremin said "...we continue to see attractive opportunities." He noted that with the Janco acquisition, Esterline has effectively employed the proceeds from last year's secondary equity offering.
Established in 1947, Janco specializes in aerospace switches to save both weight and space in aircraft. The company is well-known in the industry for its advanced spin-recovery system controls that make flight testing safer. Janco custom switches are also used on the Space Shuttle and advanced military programs.
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