ESCO Announces Major Contract Award in EMC Test Business
ST. LOUIS, Aug. 4 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. (NYSE: ESE) today announced that ETS-Lindgren L.P. (ETS) has been awarded a $16.7 million contract to design, construct, install and certify two automotive test chamber facilities in India for the National Automotive Testing and R&D Infrastructure Project (NATRIP). This contract, one of the largest test chamber contracts in ETS's history, is expected to deliver over 20 months beginning in early fiscal 2009.
NATRIP, one of the largest and most significant initiatives in the world-wide automotive industry, represents a unique joint arrangement between the Government of India, a number of State Governments within India, and the Indian automotive industry to create a state-of-the-art testing, validation and R&D infrastructure within the country.
The NATRIP project aims to create core global competencies in the automotive industry in India and to facilitate a seamless integration within the industry while positioning India prominently on the global automotive map.
With the launch of NATRIP, India is set to provide a major resource to its fast growing automotive industry and harness India's major strengths in the realm of engineering, information technology, and electronics by achieving a high degree of convergence. NATRIP's key objective is to facilitate India's emergence as one of the strongest hubs for product development within the global automotive landscape.
Vic Richey, ESCO's Chairman and Chief Executive Officer, commented, "This significant win not only confirms our number one position in the global Test market, but also validates how the Asian market is continuing to gain strength in the areas of new product design and development. We are honored to be a key partner with NATRIP on this very exciting project."
Mr. Richey concluded, "The NATRIP project win, along with our other recently announced contract awards across our three business segments, have me very enthused about how our future outlook is shaping up."
Forward Looking Statement
Statements in this press release regarding NATRIP contract timing, the impacts, financial and otherwise, of such contract to ESCO 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, speak only as of the date of this release and the Company undertakes no duty to update. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment, including but not limited to: technical difficulties, material and labor shortages, changes in customer demands, the Company's successful execution of internal operating plans and the risk factors identified in Item 1A of the company's Annual Report on Form 10-K for the fiscal year ended September 30, 2007 and Item 1A of the company's Form 10-Q for the three months ended June 30, 2008.
ESCO, headquartered in St. Louis, Missouri is a proven supplier of special purpose communications systems for electric, gas and water utilities, including hardware and software to support advanced metering applications. In addition, the Company provides engineered filtration products to the transportation, health care and process markets worldwide and is the industry leader in RF shielding and EMC test products. Further information regarding ESCO and its subsidiaries is available on the Company's website at http://www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
CONTACT: Patricia K. Moore, Director, Investor Relations of ESCO
Technologies Inc., +1-314-213-7277; or media inquiries, Dan Callahan,
+1-314-982-0553, for ESCO Technologies Inc.
Web site: http://www.escotechnologies.com
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