ThomasNet News Logo
Sign Up | Log In | ThomasNet Home | Promote Your Business

ESCO Announces Closing of Doble Acquisition

Print | 
Email |  Comment   Share  

(Archive News Story - Products mentioned in this Archive News Story may or may not be available from the manufacturer.)

Esco Technologies Inc.
8888 Ladue Rd., Suite 200-T
St. Louis, MO, 63124
USA



Press release date: December 3, 2007

ST. LOUIS, Dec. 3 -- ESCO Technologies Inc. (NYSE:ESE) today announced that it has completed its $319 million acquisition of Doble Engineering Company. Doble, headquartered in Watertown, Massachusetts, is a worldwide leader in providing high-end, diagnostic test solutions for the electric utility industry.

The acquisition was funded by a combination of ESCO's existing cash, including the proceeds from the partial divestiture of Filtertek announced November 26, 2007, and borrowings under a new $330 million credit facility led by National City Bank.

Doble's annual revenue and EBIT for the trailing 12 months ended September 30, 2007 was approximately $80 million and $24 million, respectively. The acquisition is expected to be accretive to ESCO's earnings per share in fiscal 2008, excluding amortization of intangible assets.

Doble will continue to be led by its existing management team and will operate as a stand-alone subsidiary within ESCO's Communications segment.

As a result of the Filtertek divestiture and the Doble acquisition, ESCO will update its fiscal 2008 Business Outlook guidance in early January upon completion of Doble's 2008 operating plan, and the valuation of purchase accounting related intangible assets.

Vic Richey, ESCO's Chairman and Chief Executive Officer, commented, "We are very excited about completing this acquisition and the immediate financial impact it will have on our operations. Doble supplements our commitment to the utility industry and allows us to participate more meaningfully in support of the Intelligent Grid. As part of our Communications segment, Doble is expected to provide consistent sales revenue which will help offset the somewhat cyclical nature of AMI spending. We have now positioned ourselves to be a total solution provider of proven and secure AMI offerings, home area networks (HANs), and data analytics that aid the utility industry in energy efficiency and reliable power delivery."

Mr. Richey concluded, "Utilities and other power delivery companies face a host of near-term challenges including system expansion requirements, aging infrastructures, and a heightened focus on return on assets. Having Doble on board will allow us to further leverage its domestic market leadership position into international sales growth, thereby considerably enhancing its market position globally."

ESCO, headquartered in St. Louis, is a proven supplier of special purpose communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. In addition, the Company provides engineered filtration products to the transportation, health care, and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's website at http://www.escotechnologies.com/.

Source: ESCO Technologies Inc.

CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO Technologies Inc., +1-314-213-7277; or David P. Garino, +1-314-982-0551, for ESCO Technologies Inc.

Web site: http://www.escotechnologies.com/
Print | 
Email |  Comment   Share  
Contacts: View detailed contact information.


 

Post a comment about this story

Name:
E-mail:
(your e-mail address will not be posted)
Comment title:
Comment:
To submit comment, enter the security code shown below and press 'Post Comment'.
 



 More New Product News from this company:
Biological Safety Cabinets utilize DC ECM motor.
Pipe Beveling Cutter Blades direct heat away from pipe surface.
Pipe End Prep Tool is available with 1,800 W electric motor.
More ....
| Featured Manufacturing Jobs
 Other News from this company:
ESCO Announces Acquisition of Test Solutions Provider
ESCO Technologies Management Will Present at 13th Annual Needham Growth Conference
ESCO Announces AMI System Expansion at CFE in Mexico
ESCO Technologies Management Will Present at the 2010 Stephens Fall Investment Conference
ESCO Announces Acquisition of Smart Grid Solution Provider
More ....
 Tools for you
Watch Company 
View Company Profile
Company web site
More news from this company
E-mail this story to a friend
Save Story


Home  |  My ThomasNet News®  |  Industry Market Trends®  |  Submit Release  |  Advertise  |  Contact News  |  About Us
Brought to you by Thomasnet.com        Browse ThomasNet Directory

Copyright © 2014 Thomas Publishing Company. All Rights Reserved.
Terms of Use - Privacy Policy



Error close

Please enter a valid email address