Esterline
File:EsterlineCorporateBrandmark-rgb 600dpi.tif | |
Public | |
Traded as | NYSE: ESL |
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 |
Number of employees
|
Over 12,000 |
Divisions | Avionics & Controls Sensors & Systems Advanced Materials |
Website | esterline |
Esterline Technologies Corporation is a publicly traded company that designs, manufactures, and markets specialty products primarily for aerospace and defense customers.[1][2] The company is best known as a supplier of products and equipment for aerospace companies such as Boeing and Airbus;[3][4] and for American and allied military forces.[5][6][7][8]
Esterline is based in Bellevue, Washington.[2] Curtis Reusser serves as company chairman, president, and CEO.[2]
Contents
History
Early history
Esterline was founded in 1906 by John Esterline, an electrical engineer and former head of the electrical engineering department at Purdue University.[9][10] Esterline originally made magnets and recording devices.[11] The company was renamed the Esterline-Angus Company when Esterline began working with Donald J. Angus.[10][12]
Esterline-Angus merged with Boyar-Schultz, Inc., a manufacturer of surface grinding materials, in 1967.[5] The newly merged company was renamed Esterline Corporation.[5] Esterline went public in 1968.[6] Later that year, the company entered the aerospace and defense sectors with its acquisition of Babcock Electronics.[5]
The company began acquiring medical supply and equipment companies in 1969.[5] By the early 1970s, the company held businesses specializing in ophthalmic goods and hearing aids.[5] The company had sold the majority of its healthcare businesses and subsidiaries by 1978 when Esterline sold its hearing aid manufacturing business.[5] Despite exiting the healthcare sector, Esterline continued to acquire more companies and acquired 20 companies by 1986.[6]
Aerospace and defense
In 1987, after releasing poor financial reports, the Esterline board dismissed the company's entire executive team including then-chief executive officer Thomas Howes.[5][13] Later that year, Esterline appointed seven new senior officers, all of whom were affiliated with Criton Technologies, an aerospace manufacturer.[14] 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.[14] Carroll Martenson, Criton's chairman, was appointed chairman and CEO of Esterline.[14] Esterline also relocated from Darien, Connecticut to Bellevue, Washington in order to share its headquarters with Criton Technologies.[15] The company had been located in Darien, Connecticut since 1975.[11]
The new management team reorganized the company and sold underperforming businesses and subsidiaries.[5] 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.[16][17] The company was then renamed Esterline Technologies.
By the early 1990s Esterline operated in ten separate industries[18] 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.[19] Robert Cremin succeeded Hurlbut in January 1999.[20] Cremin had served in executive positions for the company for 22 years, and had most recently served as company president and COO.[20]
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;[21] Kai R. Kuhl Company, a manufacturer of seals for the aerospace industry;[22] Kirkhill Rubber, a manufacturer of custom molded engineered elastomers for the aerospace industry;[22] and Advanced Input Devices, a manufacturer of custom keyboards and multifunction data-input subsystems.[23] The company also expanded its European business with acquisitions of Muirhead Vactric and Norcroft Dynamics, two United Kingdom-based manufacturers of aerospace parts.[24]
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.[25] The deal consisted of two facilities, which manufactured anti-radar chaff and aircraft-dispensable flares designed to thwart infrared homing missiles.[25] The company purchased Leach International in 2004 for $145 million.[26] Esterline had been attempting to acquire Leach since 1994 and the deal was Esterline's largest acquisition at the time.[26] Leach was a manufacturer of controls and analytical instruments for aerospace and medical diagnostics.[27]
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.[18] In 2006, Esterline purchased Wallop Defence, a British manufacturer of electronic warfare countermeasures, including flares.[28] The company then acquired CMC Electronics, a Canadian aerospace and defense avionics manufacturer in 2007 for $335 million (USD).[29]
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.[30] R. Bradley "Brad" Lawrence succeeded Robert Cremin as Esterline CEO in November of that year.[31] Lawrence had worked at Esterline since 2002, most recently serving as company president and COO since June 2009.[32] Cremin stepped aside to take on the Chairmanship of Dover Corporation.[31]
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.[33] Later that year, Esterline acquired the Souriau Group, a French aerospace and defense connector company, for $715 million.[34]
In September 2013, Esterline appointed Curtis Reusser to succeed Brad Lawrence as the company's CEO.[35] Reusser had formerly served as president of United Technologies Corporation's aircraft systems business.[35] Esterline then acquired Joslyn Sunbank Company, an aerospace connector accessory supplier, a few months later in December 2013.[36] In February 2015, Esterline acquired the defense and aerospace division of the Belgium-based display manufacturer, Barco.[37][38]
Esterline is the producer of the well known Korry® switches and controls used in most of the airliners and Simulators as Airbus etc.[39]
Corporate structure
Esterline manufactures products for the aerospace, defense and general industry sectors.[2] The company is organized into three segments: Avionics & Controls; Sensors & Systems; and Advanced Materials.[2]
The Avionics & Controls segment manufactures avionics equipment and communication systems for both commercial and military applications.[2] The Sensors & Systems segment manufactures connectors, sensors and power management systems, which are primarily used in the aerospace industry.[2] The Advanced Materials segment manufactures elastomer products and thermal components for commercial and military applications; and military ordinance and electronic warfare countermeasures.[2]
Acquisitions
- 2004 - Leach International[26]
- 2005 - Palomar Products, Inc.[40]
- 2005 - Darchem Engineering Limited[41]
- 2006 - Wallop Defence Systems Ltd.[28]
- 2007 - CMC Electronics Inc.[29]
- 2008 - NMC Aerospace (Nylon Molding Corporation)[42]
- 2009 - Racal Acoustics[30]
- 2010 - Eclipse Electronic System[33]
- 2011 - Souriau[34]
- 2013 - Gamesman[43]
- 2013 - Sunbank[36]
- 2015 - Barco Defense and Aerospace[37]
References
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- ↑ Lua error in package.lua at line 80: module 'strict' not found.
- ↑ Korry Switches and Controls
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External links
- Pages with broken file links
- Official website not in Wikidata
- Companies based in Bellevue, Washington
- Companies based in Washington (state)
- Aerospace companies
- Aerospace companies of the United States
- Companies established in 1906
- 1906 establishments in Indiana
- Companies listed on the New York Stock Exchange