Esterline buys Leach Holding

July 9, 2004 at 3:10 PM

BELLEVUE, Wash., July 9 (UPI) -- Esterline Corp. of Bellevue, Wash., said Friday it plans to acquire Leach Holding Corp. of Trumbull, Conn., for approximately $145 million in cash.

Completion of the deal is expected in early August contingent upon government approvals.

The acquisition, the largest in Esterline's corporate history, will add nearly 20 percent, or $120 million, to Esterline's current annualized revenue base of approximately $600 million.

Leach is a producer of relays, solid-state switching devices and power distribution assemblies for aerospace applications. The company comprises three operations -- two aerospace and one medical -- located in seven manufacturing plants in North America, Europe and Asia, employing more than 1,000 people.

Esterline, which is a specialized manufacturing company serving principally aerospace/defense and medical markets, said the transaction significantly expands the scale of its existing aerospace operations and fits the company's strategic acquisition approach.

"Leach fits our stated strategy to consolidate manufacturers of superior aerospace components," said Robert W. Cremin, Esterline's chief executive officer.

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