PTI Technologies Inc., a wholly-owned subsidiary of ESCO Technologies Inc., announced that it completed the acquisition of Networks Electronic Co. (NEco) on November 4, 2021. This acquisition will be integrated into PTI's Oxnard location strengthening PTI's capability and creating a robust product portfolio for growth.

NEco is a leading designer and manufacturer of miniature electro-explosive components and subsystems supporting mission, flight and life-critical applications across Aerospace & Defense and Space end markets.

NEco's established customer relationships, in-house engineering expertise and ongoing technology developments have kept them at the forefront of the miniature Cartridge Actuated Devices/Propellant Actuated Devices (CAD/PAD) industry for over 60 years. Tammy Christen, President of NEco and Andrew Campany, CTO of NEco will remain with the business.

NEco carries a strong brand name with industry-wide recognition along with a reputation for world-class quality, reliability and technical support. Its wide breadth of product offerings include igniters, initiators, linear actuators, pin pullers, gas generators, pressure cartridges, thermal relays and fuses, squib switches and cord, cable and tube cutters.

Vic Richey, ESCO's Chairman and Chief Executive Officer, commented "I'm excited to welcome the outstanding employees of NEco to our team and I look forward to working alongside Tammy, Andrew and the dedicated management team who have done a remarkable job over the years to grow this outstanding company into what it is today.

"We are continually looking to expand our product offerings and gain more content across our Aerospace & Defense platforms. By adding the proven capabilities of NEco to PTI's existing portfolio, we have expanded our market reach and created an additional avenue for meaningful growth across our existing customer base."

Rowland Ellis, President of PTI Technologies commented, "This acquisition supports our internal strategy and positions PTI to capture additional growth in the missile and military fixed-wing aircraft market segments through current customer and product synergies while providing access to new customers and markets. NEco's highly engineered, proprietary products and robust backlog provide a balanced mix of new production and spares, which was an attractive attribute to this acquisition. As we work to integrate NEco into PTI, I am confident we will deepen our customer relationships across the Aerospace & Defense market and generate new opportunities to secure long-term revenue growth and expand our profitability creating shareholder value for ESCO's stakeholders."