Pacific Aerospace & Electronics Plans New Acquisition

Pacific Aerospace & Electronics, Inc. announced that it has signed a letter of intent to acquire all of the outstanding stock of Electronic Specialty Corporation and its wholly owned subsidiary, Displays & Technologies, Inc.

Among other specific terms, the transaction is valued at approximately $8 million in cash and stock. The combined sales rate of both companies is approximately $12 million annually. Both companies supply parts, either directly or indirectly, to all of the leading manufacturers in commercial, military and defense sectors of the aerospace industry. The acquisition is expected to further strengthen Pacific Aerospace's portfolio of niche manufacturing, technology-oriented companies, and to enable the company to further expand and diversify its markets.

Electronic Specialty Corporation, located in Vancouver, Washington develops and military specification, electro-mechanical devices for military and satellite applications.

Pacific Aerospace & Electronics is a manufacturing company that utilizes its expertise in materials science, process engineering and patented technologies to develop and market high performance products for global markets.