ST. LOUIS, Aug. 19 /PRNewswire-FirstCall/ -- ESCO Technologies Inc. (NYSE: ESE) today announced that PTI Technologies Inc. (PTI) has been awarded a production contract to be a major supplier of filtration elements and assemblies to Allison Transmission for distribution worldwide.
This five-year contract has an anticipated value in excess of $25 million and is expected to generate approximately $5 million in annual revenues. Additionally, the agreement provides for a five-year extension.
Allison Transmission, headquartered in Indianapolis, Ind., is the premier global supplier of commercial duty automatic transmissions and hybrid propulsion systems. Allison Transmission products are specified on over 250 of the world's leading vehicle manufacturers and are used in many market sectors.
Sam Chapetta, President of PTI commented, "We are extremely excited to have been selected as a long-term partner with Allison. PTI's long-standing and successful relationship with Allison, coupled with our innovative, best-in-class product development and engineering organization, was key to winning this large contract. This opportunity will allow us to further demonstrate our commitment to manufacturing excellence and our ability to deliver high-quality products. PTI will continue to actively support the ongoing requirements of Allison's leading-edge technology well into the future."
Vic Richey, ESCO's Chairman and CEO commented, "PTI continues to show its resilience during these challenging economic times and this win demonstrates our ability to capitalize on our reputation as an innovative, best cost producer of highly engineered products. ESCO is committed to investing in new product development across all three of our operating segments, supporting our long-standing goal of increasing shareholder value."
Forward-Looking Statements
Statements in this press release regarding the amounts and timing of revenues 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 web site at www.escotechnologies.com.
SOURCE ESCO Technologies Inc.
