Portland-based heavy manufacturer Esco Corp. announced its initial public offering of up to $175 million on the Nasdaq exchange.
Portland-based heavy manufacturer Esco Corp. announced its initial public offering of up to $175 million on the Nasdaq exchange.
The IPO would be the first in Oregon since 2004.
Esco cuts a low profile in Portland, despite its 900 employees here — 200 of them hired last year. But the company employs 4,679 worldwide. It operates in 19 countries, with 26 manufacturing plants and 35 sales and distribution offices. It competes with giants including Caterpillar Inc., which Esco also counts as a customer.
Esco executives weren’t talking Monday, citing a quiet period imposed by the U.S. Securities and Exchange Commission. But their SEC filing amounted to a trove of information on a company that has operated privately for three generations.
Sales reached $940 million in 2008 and sank to $680 million in 2009, the filing says. They bounced back to $849 million last year. Net earnings remained positive throughout, exceeding $28 million last year.
Read more about Esco Corp. going public at OregonLive.com.
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