ESCO Corporation will sell its Turbine Technologies group to California-based Consolidated Precision Products Corporation (CPP) after conducting a strategic review of its operations.
Turbine Technologies Group produces superalloy precision investment casting of components for the aerospace, power generation and industrial sectors. Its products include blades, vanes and complex structural parts for aircraft engines and industrial gas turbines. It operates across seven locations, employs 1100 people and represented about 14% of ESCO’s revenue in 2011.
ESCO’s president Cal Collins says the sale was the best option to come out of the review process. “ESCO is committed to expanding its presence in our core mining, oil and gas and infrastructure markets. We believe Turbine Technologies Group will be better served as part of CCP which is strategically focused on the aerospace and power generation markets.”
During the past decade, Turbine Technologies Group has cemented its position as a leading global provider of investment cast components and has established solid relationships with clients in the aerospace and power generation sectors.
“We are excited about adding Turbine Technologies Group to the CPP family and plan to build on its long-standing customer relationships, exceptional technical capabilities and superior customer service to position CPP for continued growth,” says CPP’s president Jim Riley.
CCP is an industry leader in manufacturing highly-engineered components to supply the commercial aerospace, military and industrial markets with small-to-large function critical products. It is a certified supplier to many of the world’s largest aerospace manufacturers and has customers in 25 countries.