Wednesday June 9, 9:00 am Eastern Time
Company Press Release
SOURCE: Pacific Aerospace & Electronics, Inc.
Pacific Aerospace & Electronics Completes
Acquisition of Skagit Engineering
WENATCHEE, Wash., June 9 /PRNewswire/ -- Pacific Aerospace & Electronics, Inc. (Nasdaq: PCTH - news) announced
today it has completed the acquisition of Skagit Engineering & Manufacturing, Inc. for $1.3 million in cash.
Skagit Engineering & Manufacturing (''Skagit'') is a full-service fabricator of high-performance components, assemblies,
complete structures and tooling for aerospace, transportation and industrial markets. Located in Sedro-Woolley, Washington,
the Skagit operation has 40 employees and generated revenues of approximately $5.5 million in 1998. The acquisition furthers
Pacific Aerospace & Electronics' strategy of offering more integrated solutions to its global customer base.
''The Skagit operation helps position Pacific Aerospace & Electronics at the front end of our customers' design-and-build
process,'' said Don Wright, President and CEO. ''We are creating a single source for seamless, turnkey development and
production of high-performance products for aerospace and other industries.
''Skagit's expertise in design, tooling and fabrication is a strong complement to our other engineering and manufacturing
operations in the U.S. and Europe. We continue to offer more complete solutions to better serve our customers throughout the
world.''
The Company recently announced that Skagit received a $6 million contract award for fabricated tooling for Boeing space
launch vehicles, which will be built with proprietary technology developed and owned by Pacific Aerospace & Electronics.
Pacific Aerospace & Electronics develops, manufactures and markets high-performance components, assemblies and
integrated structures for the aerospace, defense, electronics, medical and transportation industries. The Company has a
distinguished international customer base, including Boeing, British Aerospace, Raytheon/Hughes, Rolls Royce, Honeywell,
Lockheed Martin, GKN Westland Aerospace, Northrop Grumman, Space Systems/Loral, Westinghouse, TRW, Litton, Lucas
Aerospace and GEC Avionics. The Company's European operations account for approximately half of its sales. The Company
has also been a successful consolidator of technology companies. Including its 1998 acquisitions, Pacific Aerospace &
Electronics had proforma annual revenue of $110 million and has over 1200 employees worldwide.
Forward-looking statements in this release concerning trends or anticipated operating results are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees
of future performance and are subject to risks and uncertainties related to the Company's operations. These risks and
uncertainties include, but are not limited to, competitive factors (including the possibility of increased competition or
technological development, competitors, and price pressures); legal factors (such as limited protection of the Company's
proprietary technology and changes in government regulation); and the Company's dependence on key personnel and
significant customers.
SOURCE: Pacific Aerospace & Electronics, Inc. |
