ESCO Announces Acquisition of Global Utility Supplier
ESCO Technologies Inc. (NYSE: ESE) has entered into an agreement to acquire I.S.A Altanova Group S.R.L. (Altanova).
St. Louise, Missouri
St. Louis, Missouri: ESCO Technologies Inc. (NYSE: ESE) announced that it has entered into an agreement to acquire I.S.A Altanova Group S.R.L. (Altanova), a supplier in the field of advanced condition assessment technologies centered around partial discharge (PD) measurement and analysis, as well as test instruments for electrical apparatus.
The transaction is subject to Italian regulatory approval and is expected to close in the next 45 days. This acquisition positions ESCO to capture additional growth on a global scale as power infrastructure around the world continues to be developed and upgraded.
Gino Amadi, founder and a shareholder of Altanova, currently serves as Chief Executive Officer of Altanova and has agreed to remain with the company subsequent to closing.
ESCO’s Chairman and Chief Executive Officer Vic Richey commented: “We are continually looking to expand our product offerings and gain more content across our USG platforms. By adding the proven capabilities of Altanova to our existing portfolio, we have expanded our global reach and created an additional avenue for meaningful growth across our existing customer base.“
Source: ESCO Technologies