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ESCO ELECTRONICS CORPORATION TO ACQUIRE TEXTRON FILTRATION SYSTEMS

 ESCO ELECTRONICS CORPORATION TO ACQUIRE TEXTRON FILTRATION SYSTEMS
 ST. LOUIS, Aug. 20 /PRNewswire/ -- ESCO Electronics Corporation (NYSE: ESE) announced today that it has entered into a definitive agreement to purchase the Textron Filtration Systems business of Textron, Inc. (NYSE: TXT).
 Textron Filtration Systems, which is headquartered in Newbury Park, Calif., is principally engaged in the design and manufacture of commercial and industrial filtration systems and components for aviation, fluid-power and chemical-processing markets. Its 1991 sales were approximately $42 million, and it has approximately 315 employees.
 The definitive agreement provides for ESCO to pay Textron consideration of $28 million at closing, together with warrants providing for the purchase of common stock receipts representing up to 500,000 shares. The warrants at the time of issue will be priced at $8.00 per share and the exercise price will increase approximately 6 percent/year thereafter. The warrants may be exercised over five years. The agreement is subject to the receipt of applicable regulatory approvals, required consents and certain other terms and conditions. The transaction is expected to close on approximately September 30, 1992.
 ESCO Electronics Corporation, headquartered in St. Louis, is principally a manufacturer of defense systems and products. Its common stock trust receipts are listed on the New York Stock Exchange.
 -0- 8/20/92
 /CONTACT: Kenneth F. Cook or James R. Orso, 314-982-1700, both of ESCO Electronics Corporation/
 (ESE TXT) CO: ESCO Electronics Corporation; Textron, Inc. ST: Missouri, California IN: CPR SU: TNM


LD -- NY086 -- 1948 08/20/92 18:18 EDT
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Publication:PR Newswire
Date:Aug 20, 1992
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