ESCO Technologies Inc. (ESE) has announced on Monday its agreement to acquire the Signature Management & Power business of Ultra Maritime for $550 million.
The acquisition will be financed through a combination of cash on hand and additional debt, with committed financing already secured.
The addition of Signature Management and Power Management's product lines, coupled with their advanced engineering capabilities, will significantly enhance ESCO's current naval programs.
Bryan Sayler, President and CEO of ESCO, expressed his enthusiasm, stating, "We are thrilled to welcome the exceptional management team and dedicated employees of Signature Management & Power to ESCO. Their offerings are a perfect fit with our existing submarine and defense-related platforms, allowing us to increase our involvement in domestic naval programs and expand into international defense markets within our Aerospace & Defense (A&D) segment."
