Benzinga | May 20, 2021 10:50AM EDT

ESCO Technologies to Acquire Utility Technology Supplier Altanova for Undisclosed Terms

* ESCO Technologies Inc (NYSE: ESE) inked an agreement to acquire advanced condition assessment technologies supplier I.S.A Altanova Group S.R.L.

* The financial terms of the transaction were not disclosed.

* Altanova offers a wide range of diagnostic products, monitoring systems, and services for electrical assets related to power generation, transmission and distribution networks, renewable energy and storage, and process industries globally.

* Altanova, which will become part of the ESCO's Utility Solutions Group (USG) operating segment, reported 2020 calendar year sales of $30 million with operating margins slightly above the USG segment in total.

* Altanova CEO Gino Amadi will remain with the company post-closing.

* ESCO held $45.7 million in cash and equivalents as of March 31, 2021.

* Price action: ESE shares are down 0.22% at $95.68 on the last check Thursday.