ESCO (ESE) Announces Large Contract Award at PTI
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ESCO Technologies Inc. (NYSE: ESE) announced that its commercial aerospace subsidiary, PTI Technologies Inc., was awarded its largest contract to date to provide hydraulic system components for use on the new Airbus A350 Xtra Wide Body (XWB) aircraft.
PTI was awarded the contract by Parker Hannifin Corporation's (NYSE: PH) Aerospace Group, Hydraulic Systems Division, to design, develop, manufacture, supply and support various hydraulic system assemblies, components, and filter elements that will be incorporated into Parker's overall hydraulic operating system used on the XWB Aircraft.
PTI will begin design and development work immediately. First flight of the A350XWB Aircraft is tentatively scheduled for July 2011, with production units expected to be available for delivery in 2012. Once the A350XWB is in full production, annual revenue from this contract is expected to be approximately $10 to $15 million, with total potential revenues exceeding $150 million over the production phase of the program.
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