ESCO announces Eaton 5X contract award at PTI
ST. LOUIS, January 10, 2014 – ESCO Technologies Inc. (NYSE: ESE) today announced that its commercial aerospace subsidiary, PTI Technologies Inc. (PTI), was awarded a contract to provide hydraulic system components for use on the new Dassault Falcon 5X large cabin business jet.
PTI was awarded the contract by Eaton to design, develop, manufacture, supply and support various hydraulic system assemblies, components and filter elements that will be incorporated into Eaton’s overall hydraulic operating system used on the Dassault Falcon 5X aircraft. Production units will be added to the contract by the issuance of future purchase orders. Design and development work has started and the Falcon 5X is expected to make its first flight in the first quarter of 2015 and to achieve certification before the end of 2016. Once the aircraft is in full production, annual revenue from this contract is expected to be approximately $1.5 million, with expected total potential revenues exceeding $15 million over the production phase of the program.
Sam Chapetta, President of PTI, commented, “We are excited to have been selected by Eaton on the Falcon 5X project. This award represents our second significant project on Dassault’s advanced Falcon Jet family.”
The Falcon 5X is a new-generation business jet with a new flight control system, new aerodynamics and other advanced technologies, many pioneered in Dassault’s military programs. The Falcon 5X represents an important addition to the Falcon product line, expanding its offering in the large-cabin segment. The new jet has a cabin height of six feet, six inches (1.98 m), an important consideration for passenger comfort on flights of 10 or 11 hours’ duration. The 16-passenger aircraft has a range of 5,200 nautical miles (9,630 km).
In the aerospace industry, Eaton is a leading supplier of hydraulic, electro-hydraulic pump and generator products and integrated systems; engine and airframe fuel pumps; electric motors; aircraft door actuation, flight and flow controls; fluid, fuel and air delivery products and systems, including fuel inerting and fuel gauging, ground fueling and aerial refueling; lightning and ignition protection; nose wheel steering systems; integrated control systems; cockpit controls and displays; power and load management systems; pressure sensors, seals and fluid health monitoring products and systems; and aftermarket service and support. Eaton serves commercial and military aerospace, marine, and off-road markets worldwide.
Eaton is a power management company providing energy-efficient solutions that help our customers effectively manage electrical, hydraulic and mechanical power. A global technology leader, Eaton acquired Cooper Industries plc in November 2012. The 2012 revenue of the combined companies was $21.8 billion on a pro forma basis. Eaton has approximately 102,000 employees and sells products to customers in more than 175 countries. For more information, visit www.eaton.com.
Statements in this press release regarding the amounts and timing of PTI revenues from and the success of the Dassault Falcon 5X program 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 and 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 without limitation the timing and content of purchase orders, changes in customer demands, technical difficulties, delivery delays, defaults by customers and termination for convenience of customer contracts.
ESCO, headquartered in St. Louis, is a proven supplier of special purpose utility solutions for electric, gas, and water utilities, including hardware and software to support advanced metering applications and fully automated intelligent instrumentation. In addition, the Company provides engineered filtration products to the aviation, space, 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 www.escotechnologies.com