Esterline

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Esterline Technologies
Company type Subsidiary
Industry Aerospace
Defense
Gaming
Medical
Founded Indianapolis, Indiana , 1906
Founder John Esterline
Headquarters
Bellevue, Washington
Number of locations
Over 50 locations
Area served
Worldwide
Key people
Curtis Reusser, CEO
Revenue $2.035 billion (2018) [1]
$2.035 billion (2017) [1]
Number of employees
Over 12,000
Parent TransDigm Group
Divisions Avionics & Controls
Sensors & Systems
Advanced Materials
Website esterline .com

Esterline Technologies Corporation was a publicly traded company that designs, manufactures, and markets specialty products primarily for aerospace and defense customers. [2] [3] The company is best known as a supplier of products and equipment for aerospace companies such as Boeing and Airbus ; [4] [5] and for American and allied military forces. [6] [7] [8] [9]

Esterline is based in Bellevue, Washington . [3] Curtis Reusser serves as company chairman, president, and CEO. [3]

On March 14, 2019, TransDigm successfully completed the acquisition of Esterline Technologies Corporation (formerly NYSE:ESL). [10]

History [ edit ]

Early history [ edit ]

Esterline was founded in 1906 by John Esterline, an electrical engineer and former head of the electrical engineering department at Purdue University . [11] [12] Esterline originally made magnets and recording devices. [13] The company was renamed the Esterline-Angus Company when Esterline began working with Donald J. Angus. [12] [14]

Esterline-Angus merged with Boyar-Schultz, Inc., a manufacturer of surface grinding materials, in 1967. [6] The newly merged company was renamed Esterline Corporation. [6] Esterline went public in 1968. [7] Later that year, the company entered the aerospace and defense sectors with its acquisition of Babcock Electronics. [6]

The company began acquiring medical supply and equipment companies in 1969. [6] By the early 1970s, the company held businesses specializing in ophthalmic goods and hearing aids. [6] The company had sold the majority of its healthcare businesses and subsidiaries by 1978 when Esterline sold its hearing aid manufacturing business. [6] After exiting the healthcare sector, Esterline had acquired 20 additional companies by 1986. [7]

Aerospace and defense [ edit ]

In 1987, after releasing poor financial reports, the Esterline board dismissed the company's entire executive team including then-chief executive officer Thomas Howes. [6] [15] Later that year, Esterline appointed seven new senior officers, all of whom were affiliated with Criton Technologies, an aerospace manufacturer. [16] Criton Technologies was wholly owned by Dyson-Kissner-Moran (DKM), a New York City -based investment firm that had also been Esterline's largest shareholder since the firm bought Esterline in 1967 and took it public in 1968. [16] Carroll Martenson, Criton's chairman, was appointed chairman and CEO of Esterline. [16] Esterline also relocated from Darien, Connecticut , to Bellevue, Washington , in order to share its headquarters with Criton Technologies. [17] The company had been located in Darien, Connecticut since 1975. [13]

The new management team reorganized the company and sold underperforming businesses and subsidiaries. [6] In 1989, Esterline purchased DKM's remaining 23% share in the company and Criton Technologies' aerospace and defense businesses for a collective $147.5 million. [18] [19] The company was then renamed Esterline Technologies.

By the early 1990s Esterline operated in ten separate industries [20] and the company refocused itself on the defense and aerospace sectors. Esterline also changed chief executives in 1992, with company president and COO Wendell Hurlbut succeeding the retiring Carroll Martenson. [21] Robert Cremin succeeded Hurlbut in January 1999. [22] Cremin had served in executive positions for the company for 22 years, and had most recently served as company president and COO. [22]

From 1997 to 2003, Esterline acquired 22 companies while selling businesses that did not fit the company's new focus. Esterline's acquisitions included Fluid Regulators Corporation, a manufacturer of hydrologic controls for the commercial aviation and defense industries; [23] Kai R. Kuhl Company, a manufacturer of seals for the aerospace industry; [24] Kirkhill Rubber, a manufacturer of custom molded engineered elastomers for the aerospace industry; [24] and Advanced Input Devices, a manufacturer of custom keyboards and multifunction data-input subsystems. [25] The company also expanded its European business with acquisitions of Muirhead Vactric and Norcroft Dynamics, two United Kingdom -based manufacturers of aerospace parts. [26]

Esterline continued its acquisition push into the defense and aerospace industries throughout the 2000s. In 2002, the company acquired the BAE Systems' North American electronic warfare countermeasures business. [27] The deal consisted of two facilities, which manufactured anti-radar chaff and aircraft-dispensable flares designed to thwart infrared homing missiles . [27] The company purchased Leach International in 2004 for $145 million. [28] Esterline had been attempting to acquire Leach since 1994 and the deal was Esterline's largest acquisition at the time. [28] Leach was a manufacturer of controls and analytical instruments for aerospace and medical diagnostics. [29]

Esterline acquired Darchem Holdings, a British manufacturer of thermally engineered aerospace and defense products including ducting systems and heat shields, in 2005. That year, 80% of Esterline's revenue came from the company's aerospace and defense business, up from 17% in 1995. [20] In 2006, Esterline purchased Wallop Defence, a British manufacturer of electronic warfare countermeasures, including flares. [30] The company then acquired CMC Electronics , a Canadian aerospace and defense avionics manufacturer in 2007 for $335 million (USD). [31]

In 2009, Esterline acquired Racal Acoustics, a British manufacturer of combat communications equipment ranging from noise-canceling communication headsets to secure telephone networks for use in active battlefields. [32] R. Bradley "Brad" Lawrence succeeded Robert Cremin as Esterline CEO in November of that year. [33] Lawrence had worked at Esterline since 2002, most recently serving as company president and COO since June 2009. [34] Cremin stepped aside to take on the Chairmanship of Dover Corporation. [33]

Esterline continued its expansion into the military communications and intelligence, surveillance and reconnaissance (ISR) markets with its purchase of Eclipse Electronic Systems, a manufacturer of signal and communication intelligence hardware for aerospace applications in 2011. [35] Later that year, Esterline acquired the Souriau Group, a French aerospace and defense connector company, for $715 million. [36]

In September 2013, Esterline appointed Curtis Reusser to succeed Brad Lawrence as the company's CEO. [37] Reusser had formerly served as president of United Technologies Corporation's aircraft systems business. [37] Esterline then acquired Joslyn Sunbank Company, an aerospace connector accessory supplier, a few months later in December 2013. [38] In February 2015, Esterline acquired the defense and aerospace division of the Belgium-based display manufacturer, Barco . [39] [40] In February 2017, the company announced a new advanced displays engineering and manufacturing facility in Kortrjik, Belgium called the "Spidle" site. [41]

Esterline is the producer of the well known Korry switches and control devices used in most airliners and flight simulators on the market, including Airbus, Boeing and others. [42]

Corporate structure [ edit ]

Esterline manufactures products for the aerospace, defense and general industry sectors. [3] The company is organized into three segments: Avionics & Controls; Sensors & Systems; and Advanced Materials. [3]

The Avionics & Controls segment manufactures avionics equipment and communication systems for both commercial and military applications. [3] The Sensors & Systems segment manufactures connectors, sensors and power management systems, which are primarily used in the aerospace industry. [3] The Advanced Materials segment manufactures elastomer products and thermal components for commercial and military applications; and military ordnance and electronic warfare countermeasures. [3]

Acquisitions [ edit ]

  • 2003 - Weston Group [43]
  • 2003 - AVISTA, Incorporated [44]
  • 2004 - Leach International [28]
  • 2005 - Palomar Products, Inc. [45]
  • 2005 - Darchem Engineering Limited [46]
  • 2006 - Wallop Defence Systems Ltd. [30]
  • 2007 - CMC Electronics Inc. [31]
  • 2008 - NMC Aerospace (Nylon Molding Corporation) [47]
  • 2009 - Racal Acoustics [32]
  • 2010 - Eclipse Electronic System [35]
  • 2011 - Souriau [36]
  • 2013 - Gamesman [48]
  • 2013 - Sunbank [38]
  • 2015 - Barco Defense and Aerospace [39]

References [ edit ]

  1. ^ a b "Esterline Reports Fiscal 2018 Fourth Quarter and Full Year Financial Results" (Press release). 20 November 2018.
  2. ^ "Esterline Technologies Corporation" . The New York Times . Retrieved 12 September 2014 .
  3. ^ a b c d e f g h "Esterline Technologies Corporation 10-K" . United States Securities and Exchange Commission . Retrieved 12 September 2014 .
  4. ^ Steve Wilhelm (20 July 2012). "State firms may face uphill climb selling parts to Airbus" . Puget Sound Business Journal . Retrieved 12 September 2014 .
  5. ^ Gianni Truzzi (January 2013). "Titans of Tomorrow: Esterline Technologies" . Seattle Business . Retrieved 12 September 2014 .
  6. ^ a b c d e f g h i Derek Jacques; Paula Kepos, eds. (2012). "Esterline Technologies Corporation". International Directory of Company Histories . Vol. 132. Detroit: St. James Press. pp. 116?120.
  7. ^ a b c "History" . Hoover's . Retrieved 12 September 2014 .
  8. ^ Rupert Neate (23 December 2008). "Racal Acoustics management make ￡13m from sale" . The Telegraph . Retrieved 12 September 2014 .
  9. ^ Steve Wilhelm (9 March 2012). "Esterline Technologies balances military cutbacks with commercial business" . Puget Sound Business Journal . Retrieved 12 September 2014 .
  10. ^ "TransDigm acquires Esterline Technologies" . Shepard Press . March 20, 2019 . Retrieved June 11, 2020 .
  11. ^ Kristina Shevory. (July 10, 2004). "Bellevue, Wash.-based aerospace firm makes biggest acquisition yet". Seattle Times, The (WA) .
  12. ^ a b John W. Esterline. "The Story of Electricity" . p. 341 . Retrieved 12 September 2014 .
  13. ^ a b Kevin Harlin (April 8, 2008). "Component Maker's Gadgets And Gizmos Keep Airplanes Aloft". Investor's Business Daily .
  14. ^ "The Donald J. Angus Papers" . Case Western Reserve University . Retrieved 12 September 2014 .
  15. ^ "Esterline's Howes Resigns as President, Chief and a Director". The Wall Street Journal . August 19, 1987.
  16. ^ a b c "Esterline Corp. Picks Seven Senior Officers". The Wall Street Journal . November 2, 1987.
  17. ^ "Esterline to Relocate To Bellevue, Wash". The Wall Street Journal . October 13, 1987.
  18. ^ "Company Briefs". The New York Times . September 12, 1989.
  19. ^ "Chicago Bank to Back Esterline". American Banker . October 10, 1989.
  20. ^ a b Steve Watkins (March 31, 2005). "Esterline Technologies Bellevue, Washington; Focus On Aerospace, Defense Is Paying Off". Investor's Business Daily .
  21. ^ "Esterline Technologies Corp". The Wall Street Journal . September 18, 1992.
  22. ^ a b "The Seattle Times Business Digest Column". KRTBN Knight-Ridder Tribune Business News: The Seattle Times . January 20, 1999.
  23. ^ "Esterline acquires Ohio hydraulic controls firm". Aerospace Daily . November 10, 1997.
  24. ^ a b Justin Boyd Rubber & Plastics News Staff (August 24, 1998). "Esterline to buy Kirkhill Rubber". Rubber & Plastics News .
  25. ^ "The Seattle Times Business Digest Column". KRTBN Knight-Ridder Tribune Business News: The Seattle Times - Washington . December 3, 1999.
  26. ^ "Esterline's Silvermines Deal". The Wall Street Journal . September 24, 1999.
  27. ^ a b "Esterline Technologies to acquire BAE Systems' EW Passive Expendables Division". Military Technology . August 1, 2002.
  28. ^ a b c Sherri Cruz (July 19, 2004). "Aerospace Contractor Leach Being Sold for $145 Million". Orange County Business Journal .
  29. ^ "Esterline to Buy Maker of Electrical Gear". The New York Times . July 10, 2004.
  30. ^ a b "Esterline Acquires Military Flare-Maker Wallop Defence in $59 Million Cash Deal". InDEFENSE . March 27, 2006.
  31. ^ a b Bert Hill (February 2, 2007). "U.S. aviation firm buys CMC Electronics: Deal gives Esterline new presence in military aircraft cockpit systems". The Ottawa Citizen .
  32. ^ a b Joseph C. Anselmo (January 5, 2009). "Esterline Snags U.K. milcom provider". Aerospace Daily & Defense Report .
  33. ^ a b "Esterline Corp". Aviation Week & Space Technology . September 28, 2009.
  34. ^ "People". Avionics . August 15, 2009.
  35. ^ a b "UPDATE 1-Esterline buys signals intelligence firm for $120 mln". Reuters News . January 3, 2011.
  36. ^ a b Madhu Unnikrishnan (May 6, 2011). "Esterline To Acquire Souriau Group For $715M". Aerospace Daily & Defense Report .
  37. ^ a b Ben Miller (13 September 2013). "Esterline names Reusser new CEO" . Puget Sound Business Journal . Retrieved 12 September 2014 .
  38. ^ a b Ben Miller (20 December 2013). "Esterline buys Sunbank for $45M" . Puget Sound Business Journal . Retrieved 12 September 2014 .
  39. ^ a b Harrison, Kirby (June 15, 2015). "Esterline CMC Shows Expanded Portfolio" . Aviation Week . Retrieved December 4, 2015 .
  40. ^ Epstein, Curt (June 10, 2015). "Barco Buy Boosts CMC's Product Range With More Displays" . Aviation International News . Retrieved December 4, 2015 .
  41. ^ "Esterline Inaugurates 'Spidle' Avionics Site in Belgium" . 23 February 2017.
  42. ^ "Transdigm" . Transdigm . Retrieved 2021-01-14 .
  43. ^ "Esterline Finalizes Acquisition of Weston Aerospace; Expands Esterline's Position in High-End Aerospace Sensors" . Retrieved 2018-09-16 .
  44. ^ "Esterline Acquires Software Engineering Firm Specializing In Aerospace Applications" .
  45. ^ "Esterline Acquires Palomar Products, Secure Communications Specialists". 6 July 2005.
  46. ^ "Esterline buys niche manufacturer for $120M" . Puget Sound Business Journal . Retrieved 30 November 2014 .
  47. ^ "Specialized Fasteners Extend Esterline's Advanced Materials Product Offering" . Aviation Pros. 19 November 2008 . Retrieved 30 November 2014 .
  48. ^ "Esterline Interface Technologies Acquires Gamesman Limited" . Casino Enterprise Management. 5 February 2013. Archived from the original on 20 December 2014 . Retrieved 30 November 2014 .

External links [ edit ]

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