ESCO Technologies

Rank#2615

Market Cap6.89B

CountryUnited States

Summary

ESCO Technologies Inc. produces and supplies engineered products and systems for industrial and commercial markets worldwide. It operates through Aerospace & Defense, Utility Solutions Group, and RF Shielding and Test segments. The Aerospace & Defense segment designs and manufactures filtration products, including hydraulic filter elements and fluid control devices used in commercial aerospace applications; filter mechanisms used in micro-propulsion devices for satellites; and custom designed filters for manned aircraft and submarines. It also designs, develops, and manufactures elastomeric-based signature reduction solutions for U.S. naval vessels; and mission-critical bushings, pins, sleeves, and precision-tolerance machined components for landing gear, rotor heads, engine mounts, flight controls, and actuation systems for the aerospace and defense industries. The Utility Solutions Group segment provides diagnostic testing solutions that enable electric power grid operators to assess the integrity of high-voltage power delivery equipment; and decision support tools for the renewable energy industry, primarily wind and solar. The RF Shielding and Test segment designs and manufactures RF test and secure communication facilities, acoustic test enclosures, RF and magnetically shielded rooms, RF measurement systems, and broadcast and recording studios; and RF absorptive materials and filters, active compensation systems, antennas, antenna masts, turntables, electric and magnetic probes, RF test cells, proprietary measurement software, and other test accessories to perform various tests. It also provides services, such as calibration for antennas and field probes, chamber certification, field surveys, customer training, and various product tests. The company distributes its products through a network of distributors, sales representatives, direct sales teams, and in-house sales personnel. The company was incorporated in 1990 and is based in St. Louis, Missouri.

History

ESCO was founded in 1913 by Oregon businessman Charles Swigert as a local source of steel castings. The Electric Steel Foundry Company was founded on property once occupied by the 1905 Lewis and Clark Centennial Exposition.

During its first 30 years, ESCO was mainly a regional supplier of cast steel alloy products for the logging, construction, and pulp and paper industry throughout the Pacific Northwest. In the 1920s, the company expanded production to include cast steel alloy products. The ESCO trademark was first used in 1926 and eventually became the company’s new name.

ESCO survived the Great Depression primarily as a jobbing foundry, making castings for sawmills, pulp and paper mills. In 1932, ESCO opened its first stainless steel industrial service center. During the 1940s, ESCO added new products to meet demand for supply valves, pump bodies, anchor chains and other components for warships and tanks. Postwar productions saw reforms to the company structure.

In 1983, ESCO bought Hyster Company, and then sold it in 1989 to NACCO Industries.

During the 1990s, ESCO expanded operations in the United States, the United Kingdom and Canada and entered a joint venture to manufacture products in China. The company also acquired Heflin Steel, producing wear liners and armor plate.

The company announced plans for an initial public offering in May 2011 that could raise as much as $175 million. The company canceled plans for an IPO in May 2013.On December 28, 2012, Esco Corporation sold Turbine Technologies Group to Consolidated Precision Products .

ESCO announced the acquisition of Texas-based Ulterra Drilling Technologies L.P. in August 2012 in a deal estimated at $325 million. In 2014, ESCO acquired another Texas-based company, Stabiltec Downhole Tools, LLC., further adding to the company's oil and gas portfolio.

On April 19, 2018, ESCO entered into an agreement to be acquired by The Weir Group PLC, one of the world’s leading engineering businesses, for an enterprise value of $1.285 billion. The acquisition was completed on July 12, 2018.

Mission

To be the leading independent designer, manufacturer and provider of highly engineered wear and replacement products and services essential to the performance of our customers' equipment used in mining, construction and industrial applications.

Vision

Our vision is to be the leader in providing innovative, cost-effective solutions to our customers around the world.

References

https://en.wikipedia.org/wiki/ESCO_Group

https://in.investing.com/equities/esco-technologies-inc

https://finance.yahoo.com/quote/ESE/profile?p=ESE

https://www.comparably.com/companies/esco-corporation/mission

https://www.crunchbase.com/organization/esco-technologies-inc

https://sec.report/CIK/0000866706

https://companiesmarketcap.com/

https://www.escotechnologies.com

Leadership team