ESCO Announces Acquisition of North American Utility Solutions Provider
March 14 2018 - 4:15PM
ST. LOUIS, March 14, 2018 - ESCO Technologies Inc.
(NYSE: ESE) today announced that it has acquired the assets of
Manta Test System Inc. (Manta) (www.mantatest.com), a North American utility solutions provider located
in Mississauga, Ontario, Canada.
Manta's solutions are sold in the United States
and Canada to service companies and electrical utilities with
generation, transmission, and distribution assets. Manta has
annualized sales of approximately $8 million. The terms of the
transaction were not disclosed.
Manta, founded in 1978, designs, develops,
manufactures and markets a stand-alone integrated protection test
system that simulates a utility's power system for testing asset
protection and control schemes. The unique design of Manta's fully
self-contained test set is that it does not require an additional
computer nor separate application software to operate.
Manta is the leading manufacturer offering a
self-contained protective relay testing system used to evaluate,
verify, maintain, and commission protective relays. These relays
protect electrical power systems from faults resulting from
equipment failures, human error, and natural events such as
lightning, tornadoes, and falling trees.
The business will operate as a product line of
Doble Engineering as part of ESCO's Utilities Solutions Group (USG)
operating segment.
Bryan Sayler, President of Doble, commented, "The
addition of Manta provides Doble with a more comprehensive line of
test capabilities which significantly strengthens Doble's product,
service and software offerings by adding a highly-differentiated,
market-leading protective relay testing solution. Protection
and control systems are critical to the generation, transmission
and distribution of electrical power, and Manta's solutions play a
vital role in maintaining the health of these important
assets. This acquisition fits strategically and complements
the recent addition of Vanguard Instruments by further expanding
Doble's solutions portfolio."
Vic Richey, Chairman and Chief Executive Officer,
commented, "I'm excited about what Manta adds to our extensive
product, service and software offerings available to support our
global electric utility customers. With Doble and Manta joining
forces, we can now offer a wider range of world-class solutions
which, I'm confident will create additional market opportunities to
enhance our corporate-wide growth strategies and further our
ability to create additional shareholder value. Our expanded USG
segment creates a unique and exciting growth opportunity for ESCO
as each company in the group leads their respective market with an
exceptional brand, reputation, customer service focus, and strong
management team."
Forward-Looking Statement
Statements in this release regarding sales, growth
and benefits resulting from the acquisition, and other statements
which are not strictly historical are "forward-looking" statements
within the meaning of the safe harbor provisions of the Federal
Securities Laws. Investors are cautioned that such statements are
only predictions and speak only as of the date of this release, and
the Company undertakes no duty to update them except as may be
required by applicable laws or regulations. The Company's actual
results in the future may differ materially from those projected in
the forward-looking statements. Factors that could cause actual
results or events to differ materially from those indicated by such
forward-looking statements, include: customer demand, technical
issues, success of integration efforts, and the factors described
in Item 1A, Risk Factors, of the Company's annual report on Form
10-K for the year ended September 30, 2017.
ESCO, headquartered in St. Louis: Manufactures
highly-engineered filtration and fluid control products for the
aviation, space and process markets worldwide; is the industry
leader in RF shielding and EMC test products; provides diagnostic
instruments, software and services for the benefit of industrial
power users and the electric utility and renewable energy
industries; and, produces custom thermoformed packaging, pulp-based
packaging, and specialty products for medical and commercial
markets. Further information regarding ESCO and its subsidiaries is
available on the Company's website at
www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
Kate Lowrey, Director of Investor Relations, (314) 213-7277
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: ESCO Technologies Inc via Globenewswire
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