SOURCE: Esterline Technologies

Esterline Technologies

December 20, 2013 09:00 ET

Esterline Acquires Sunbank -- a Leading U.S.-Based Connector Accessory Company

Bolt-On Acquisition Extends Esterline's Connector Product Line and Geographic Reach

BELLEVUE, WA--(Marketwired - Dec 20, 2013) - Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving global aerospace and defense markets, announced today that it has acquired Joslyn Sunbank Company, LLC (Sunbank) for approximately $45 million, plus up to $5 million in earn-out consideration. Sunbank, a unit of Meggitt PLC, is a Southern California-based supplier of connector accessories, backshells, and conduit systems for aerospace and industrial markets. The company employs approximately 500 people between its facilities in California and Mexico.

Esterline CEO Curtis Reusser said, "Sunbank products provide a natural extension to Esterline's Souriau® connectors, creating an expanded, integrated product line. Sunbank's strong North American niche position in connector backshells complements our existing European market-leading offering of high-performance, high-reliability connectors." He added, "The close fit strengthens our position in all major markets, adds scale and breadth, and enables us to accelerate our integration efforts."

Esterline added the strategic connection technologies product capability with the acquisition of France-based Souriau connection solutions in 2011, emphasizing that the company would be looking for opportunities to expand its connector product breadth and customer reach into the U.S. marketplace. In addition to being named five times as Airbus' Best Supplier for electrical parts, in 2012 the Souriau team received supplier awards -- including Top Supplier -- from global aerospace and defense manufacturer Safran and their subsidiary Labinal.

About Esterline:
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.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will," or the negative of such terms, or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline's or its industry's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 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 risks detailed in Esterline's public filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.