Esco Corp. on Wednesday said it is selling its Turbine Technologies Group — a division that accounted for 14 percent of its revenue last year — as it narrows its focus around mining and energy exploration markets.
The Portland-based manufacturer of critical metal components said it sold the division to Pomona, Calif.-based Consolidated Precision Products Corp. Terms of the deal weren't disclosed.
Esco is Portland's 10th-largest manufacturer, according to a Business Journal list based on total employees, with 5,733 employees.
TTG is the smaller of Esco's two operating groups. The division, which makes metal components used in aersopace, power generation and other industrial markets, employs 1,100 across seven locations and accounted for $157 million of the company's $1.1 billion in sales last year.
Esco's Engineered Products Group, which makes metal wear parts used in industries such as mining and gas exploration, is significantly larger — it accounted for $965 million in sales last year.
In a news release, Esco CEO Cal Collins said the company is trying to expand its presence in the mining, oil and gas and infrastructure markets, making it the right time to divest itself of TTG.
"We believe it will be better served as part of CPP, which is strategically focused on the aerospace and power generation markets," Collins said in a prepared statement.
It's unclear whether the deal will have an impact on Portland. Esco officials couldn't be immediately reached for comment.
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