ESCO Technologies [ESE] earlier this month said it acquired Globe Composite Solutions, LLC, a provider of composite-based products for the Navy and defense industry customers, including for the Virginia- and Columbia-class nuclear submarines.
Terms of the deal were not disclosed. Globe, which is based near Boston, is expected to have about $37 million in sales this year.
Globe provides more than 140 different parts for the Virginia– and Columbia-class submarines including special hull treatments (SHT), large aperture bow array acoustic panels, missile hatch gaskets, transducer covers, propulsor fairings and propeller shaft snubbers.
ESCO, based in St. Louis, said the quality of Globe’s products and manufacturing capabilities has made the company a preferred supplier, positioning it for further growth.
“We are continually looking to expand our product offerings and gain more content on our existing submarine and defense-related platforms, and by adding the proven capabilities of Globe to our existing product portfolio, we’ve created an additional avenue for meaningful growth across our existing customer base,” Val Richey, chairman and CEO of ESCO, said in a statement. “The U.S. Navy must continually increase the stealth capabilities of its submarines in order to reduce detection of its fleet through the deployment of its Acoustics Superiority program. The goal of this program is to insert this technology into new construction as well as to add it to existing boats already in service. Globe’s R&D efforts focused on stealth technologies led to a multi-year award to produce SHT materials for the Block V and VI series of Virginia-class submarines. The U.S. Navy is also planning to back-fit certain existing subs with this technology and equip the new Columbia-class with this protection when they enter production.”
Globe will become part of ESCO’s Filtration segment. Globe has a 72,000 square-foot research, design, machining and production facility and a 30,000 square-foot logistics support facility in the Boston area.
ESCO had $771.6 million in sales last year. The company makes filtration and fluid control products for the aviation, space and process markets, as well as radio frequency shielding and electromagnetic compatibility test products. It also serves the power generation, medical and commercial markets.
Globe’s financial adviser on the deal was Houlihan Lokey.