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ESCO Preparing Initial Public Offering

May 4, 2011
Global foundry group aims to raise $175 million
ESCO Corporation, the producer of wear parts for surface mining and construction equipment, among other high-value cast products, has registered a statement in preparation for an initial public offering. Portland, OR-based Esco aims to raise up to $175 million, but it’s not known how many shares the IPO will issue, nor the price of the shares. Class A common stock will be listed on the Nasdaq exchange, with “ESCO” as the stock symbol. Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated will underwrite the offering jointly. Esco operates 16 foundries around the world, and has an extensive network of supply and service centers, as well as sales offices in 19 countries. Besides producing heavy-duty component parts for mining and construction, Esco’s Turbine Technologies unit produces investment castings for aerospace and power markets. Esco reported 2010 net sales of $849.5 million. It stated it will use the proceeds of the IPO for general corporate purposes and working capital.