BELLEVUE, WA--(Marketwire - November 18, 2008) - Esterline Corporation (NYSE: ESL)
(www.esterline.com) today announced an agreement to acquire NMC Group
(Nylon Molding Corporation) for approximately $90 million. NMC is a
designer and manufacturer of specialized fasteners for the
aerospace/defense industry. Completion of the transaction is expected in
30 to 45 days, contingent upon Hart-Scott-Rodino approval and other
customary closing conditions. Esterline will fund the acquisition with
available cash.
"Nylon Molding fits perfectly within our Advanced Materials segment,
extending our product offering to include specialized plastic and
composite-adhesive-bonded fasteners," said Robert W. Cremin, Esterline's
chief executive officer. "The transaction also continues our strategy to
consolidate manufacturers of superior aerospace systems and components," he
said.
NMC, first incorporated in 1946, is a privately held company employing 100
people at its Pomona, Calif., operation. Cremin said that NMC will
continue to run as a stand-alone operation reporting to Esterline
Engineered Materials in Brea, Calif. He said, "... Nylon Molding brings us
a proven, top-notch management team and a strong engineering base."
About Esterline:
Esterline Corporation is a leading world-wide supplier to the aerospace and
defense industry specializing in three core areas: Advanced Materials,
Avionics & Controls and Sensors & Systems. 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. Operations within the Avionics
& Controls segment focus on technology interface systems for commercial and
military aircraft and similar devices for land- and sea-based military
vehicles, secure communications systems, specialized medical equipment, and
other high-end 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.
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