Measurement Specialties Announces Acquisition of Pressure Systems, Inc.
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Measurement Specialties, Inc.
1000 Lucas Way
Hampton, VA, 23666
Press release date: September 9, 2010
Expands Pressure Sensing Products in Aerospace Research and Water Monitoring Markets
Measurement Specialties, Inc. (Nasdaq:MEAS), a global designer and manufacturer of sensors and sensor-based systems, announced the acquisition of Pressure Systems, Inc. ("PSI"). Located in Hampton, Virginia, PSI is a global leader in pressure sensing instrumentation for the aerospace research industry, and for water monitoring within operational and resource management applications. The Company acquired the outstanding capital stock of PSI from Esterline Technologies Corporation, its parent company, for approximately $25 million in cash.
The transaction closed September 8, 2010.
Frank Guidone, Company CEO commented, "We are very excited about the addition of PSI to our pressure sensor product line. PSI commands a dominant share in the aerospace research industry with its innovative pressure sensing instrumentation sold to major aircraft businesses along with turbo-machinery customers involved in aero-propulsion turbine development and maintenance, power generation turbine development and a wide spectrum of other industrial turbo-machinery applications. The water monitoring industry is large and a significant growth opportunity for MEAS. PSI is a leader in hydrostatic level measurement, a natural extension to MEAS' established expertise within pressure transducers. Due to the location of this acquisition and proximity to our existing Hampton facility, we will be able to consolidate operations to our facility and expect to achieve meaningful cost synergies through the business combination."
Please visit the Company's website at http://www.meas-spec.com to view the latest Company presentation located in Investor Relations Section.
About Measurement Specialties:
Measurement Specialties, Inc. ("MEAS") designs and manufactures sensors and sensor-based systems to measure precise ranges of physical characteristics such as pressure, temperature, position, force, vibration, humidity and photo optics.
MEAS uses multiple advanced technologies -- piezo-resistive silicon sensors, application-specific integrated circuits, micro-electromechanical systems ("MEMS"), piezoelectric polymers, foil strain gauges, force balance systems, fluid capacitive devices, linear and rotational variable differential transformers, electromagnetic displacement sensors, hygroscopic capacitive sensors, ultrasonic sensors, optical sensors, negative thermal coefficient ("NTC") ceramic sensors and mechanical resonators -- to engineer sensors that operate precisely and cost effectively.
Measurement Specialties, Inc.
Mark Thomson, CFO