Manufacturing
Esterline offers $715 million for French company
By Seattle Business Magazine May 5, 2011
Bellevue-based aerospace and defense manufacturer Esterline Corp. is in negotiations to buy Souriau Group, a global supplier of engineered connectors for harsh environments, for $715 million.
Esterline’s offer is for a 100 percent acquisition of Souriau, which is based in Versailles, France, from its primary shareholder, Sagard Private Equity Partners, and other shareholders. Upon regulatory approval, the deal is expected to go through in July of this year.
Souriau operates in six countries, employs more than 2,300 people and expects record sales of about $350 million for the fiscal year ending June 2011.
The deal will enable Esterline to expand growth opportunities, especially in France, establish a more effective supply chain, and contribute $400 million in revenue for the 2012 fiscal year.
We are proud to welcome such a strong, growing global company with an excellent suite of proprietary, high-technology products to the Esterline team, Esterline CEO Brad Lawrence said in a statement released Thursday. The acquisition will … deepen our penetration and expand our opportunities in several key European markets, give us broad access to a new set of customers and end-use markets, and reinforce our presence with key, existing aerospace and defense customers.
See Lawrence’s Talking Points in last July’s Seattle Business magazine. Esterline is a finalist in the magazines 2011 Washington Manufacturing Awards competition.