ESCO Technologies subsidiaries win aerospace contracts

St. Louis – ESCO Technologies Inc. officials have announced that the company’s commercial aerospace subsidiaries, PTI Technologies Inc. (PTI) and Crissair Inc., have recently been awarded four new contracts to provide hydraulic system components and valve assemblies for multiple aerospace customers supporting new aircraft platforms.

 

The awards include new contracts with customers including: a Chinese commercial aircraft manufacturer; an international provider of next-generation commercial regional jets; a supplier introducing a new series of long-range business jets; and a provider of large-cabin business jets.

 

Under these contracts PTI and Crissair will design, develop, manufacture, supply, and support various hydraulic system assemblies, valves, components, and filter elements used on these aircraft. Production units will be added to the contracts by the issuance of future purchase orders.

 

Initial design and development work is underway and hardware deliveries are expected to begin within the next 24 months. Once these new aircraft are in full production, OEM revenues are expected to be approximately $7 to $9 million annually, with nearly $200 million of total potential revenues over the life of the programs.

 

Sam Chapetta, group vice president commented, "We are pleased to be part of these exciting new programs. I am enthusiastic about the breadth of our new product offerings and convinced these recent wins will further expand our leading edge aerospace technology into the world marketplace. We remain committed to exceeding the requirements of our customers by providing state-of-the-art solutions today and well into the future."

 

Vic Richey, chairman and chief executive officer, commented, "Securing this new business across our aerospace platform further validates our confidence in our ability to grow this segment well into the future. I remain convinced that our strategy of focusing on our core businesses, which are less volatile and provide meaningful and predictable growth, is the best way to increase shareholder value."