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Esterline to Acquire NMC Group

Published on 2008-11-20. Author : SpecialChem

BELLEVUE, WA -- Esterline Corporation 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.

Forward-Looking Statements

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.

Source: Esterline Technologies


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