September 29, 2014

Esterline to acquire cutting-edge Aerospace/Defense Display Technology from Belgium-based Barco N.V.

Esterline Corporation, a leading specialty manufacturer serving primarily aerospace and defense markets, has agreed to acquire the aerospace and defense display businesses of Barco N.V. These operations are recognized globally as best-in-class designers and manufactures of high-technology, harsh-environment displays and visualization solutions, holding well-established positions in Avionics, Defense, Air Traffic Control, and Training and Simulation markets. The transaction is expected to close in December or January, contingent upon Hart-Scott-Rodino approval, completion of French employee protective rights procedures, and other customary closing conditions. The acquisition purchase price of €150m, or approximately USD$200m, will be funded primarily by international cash reserves. The acquisition is a strategic bolt-on for Esterline; upon closing, the acquired operations will be integrated into Esterline’s Avionics & Controls business segment. The addition of Barco’s high-quality visual processing solutions is expected to enhance Esterline’s position as an innovative supplier of human-machine interface products primarily for aerospace customers in both commercial and defense markets. With annual revenues of approximately $200m, this acquisition will significantly expand Esterline’s existing business in the display category.



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