Brad Lawrence, Esterline’s Chief Executive Officer, said he was “…pleased with the solid first quarter performance and the relatively fast start to the year.” Lawrence said that Esterline saw good growth in its commercial business, particularly from its Engineered Materials platform, and “…saw pockets of strength in certain defense-oriented businesses, despite the tough environment.” Lawrence noted that Esterline’s July 2011 acquisition—its largest to date—of French connector company, Souriau, is performing as expected and “…we’re pushing ahead toward full integration, right on schedule.” He pointed out that the tax benefit in the quarter was a direct result of the acquisition, and driven in part by “…how we structured the transaction, and partly by a recent change in French tax law.”
