Exhibit 99.2
FOR IMMEDIATE RELEASE
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Contact: Xxxxx Xxxxx
425/453-9400
ESTERLINE SIGNS DEFINITIVE PURCHASE
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AGREEMENT FOR KIRKHILL RUBBER CO.
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BELLEVUE, Wash., August 13--Xxxxxxxxx Technologies (NYSE/ESL) today
announced that it has signed a definitive agreement to purchase all of the
outstanding shares of Kirkhill Rubber Company for $83 million in cash
subject to customary closing adjustments.
Coincident with the signing of the agreement, Esterline completed the
acquisition of approximately two-thirds of the outstanding capital stock of
Kirkhill, representing the shares held by the Kirkhill Employee Stock
Ownership and Savings Plan. Esterline intends to acquire the remaining
shares from the minority individual shareholders as soon as practicable.
Xxxxxxx X. Xxxxxxx, Xxxxxxxxx'x chief executive officer said,
"...Esterline will fund the acquisition from internally generated cash and
borrowings under its credit facilities with Bank of America." Xxxxxxx added
that Kirkhill will continue to operate in its Brea, Calif., facility and
that he, "...anticipates no significant changes in operations or personnel."
Kirkhill manufactures high-performance custom-engineered elastomer
components for the aerospace industry. Esterline is a leading manufacturer
of engineered products for the commercial aircraft, aerospace and defense
industries; automated equipment for the production of printed circuit boards
and metal fabrication; and instrumentation for quality and process control.
