SOURCE: Esterline Technologies

Esterline Technologies

June 09, 2015 09:00 ET

Esterline Completes Divestiture of Eclipse Electronic Systems

Sale Allows Esterline to Continue Strategic Integration Activities

BELLEVUE, WA--(Marketwired - Jun 9, 2015) - Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving global aerospace and defense markets, announced today that it has completed the sale of its Texas-based subsidiary, Eclipse Electronic Systems (Eclipse) to BAE Systems. Eclipse produces specialized receivers for the intelligence, surveillance, and reconnaissance (ISR) market.

Curtis Reusser, Esterline's Chief Executive Officer, said, "This transaction is part of our strategic plan to integrate and optimize our business while focusing on core areas where we can support the best development path for our products. We are confident the Eclipse brand and their ISR capabilities will be better suited for future growth and integration with BAE Systems."

Esterline announced in September 2014 that it would begin looking for buyers for certain subsidiaries that were no longer core to the company's strategic direction. The operations identified at that time were placed into discontinued operations until the point of sale.

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.

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