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EXHIBIT 99.2
[ESCO TECHNOLOGIES LOGO]
A New Company ... With a Ten-Year History
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FORWARD-LOOKING STATEMENT
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This presentation contains "forward-looking" statements within the meaning of
the safe harbor provisions of the federal securities laws. These statements
speak only as of the date of this presentation. Actual results may differ
materially from those contemplated by the forward-looking statements due to
risks and uncertainties which are described in the Company's Form 10-K for
fiscal year 1999 and on page 41 of the 1999 Annual Report to Shareholders.
[ESCO TECHNOLOGIES LOGO]
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THE NEW ESCO
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-- Focused on Growth Markets
-- New Products Provide Growth Catalyst
-- Technology Strength
--Products & Processes
-- Partnering with Customers - Solutions Driven
-- Strong Balance Sheet & Cash Flow
-- Committed to Enhancing Shareholder Value
[ESCO TECHNOLOGIES LOGO]
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TODAY, ESCO IS...
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-- A Leading Provider of Engineered Filtration Products to the Process, Health
Care and Transportation Markets Worldwide
-- The Industry Leader in RF Shielding and EMC Test Products
-- A Proven Supplier of Special Purpose Communications Systems based on
Patented Proprietary Technology
[ESCO TECHNOLOGIES LOGO]
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ESCO BUSINESS PROFILE - FY 2000
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[GRAPHIC]
Filtration
$181.7M
61%
RF Shielding & Test
$63.0M
21%
Communications
$42.7M
14%
Other
$12.8
4%
Fiscal 2000 Sales
= $300.2M
[ESCO TECHNOLOGIES LOGO]
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ESCO SERVED MARKETS - FY 2000
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[GRAPHIC]
Transportation 40%
Industrial
(Process & Mfg)
28%
Healthcare
14%
Electronics
11%
Consumer & Appliance 7%
[ESCO TECHNOLOGIES LOGO]
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3-5 YEAR FINANCIAL GOALS
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-- Organic Sales Growth greater than 10%
-- Operating Margin Improvement: 15% within 4 Years
-- EPS Growth greater than 15% CAGR
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-- Employ Existing Intellectual Property Base & Continued Investment in
Innovation
-- Over 150 Issued Patents; Over 100 Patents Pending
-- Ongoing Cost Improvement Initiatives Directed at Reducing
Infrastructure/Fixed Cost
-- Program/Product/Business Rationalization
-- Portfolio Management
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NEW PRODUCT SALES OUTLOOK
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[GRAPHIC]
(20% CAGR '00-'02)
FY '00(A) FY '01(E) FY '02(E)
$47.1M $60.6M $67.7M
Includes Products Introduced During Prior 3 Years
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ENGINEERING INVESTMENT
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[GRAPHIC]
Filtration
53%
Communications
20%
RF Shielding & Test
19%
Other
8%
FY '00 ENGINEERING EXPENDITURES = $18.6M
-- ENGINEERING FORCE COUNT APPROXIMATELY 200
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FILTRATION MARKET
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-- Liquid Filtration Market -- $20B+
-- Growing at 5-7% Annually
-- Market Attributes Enable Penetration of High Growth Segments
-- Highly Fragmented
-- Application Engineering Intensive
-- Value Added Applications
-- High Value Processes & Equipment
-- Price not Sole Consideration
-- Annuity Business
-- Long Product Life Cycles
-- Consumable Products
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FILTRATION
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[GRAPHIC]
Contribution
Sales
61% of total sales
Operating
Profit
55% of total operating profit
-- Esco Addressable Market approximately $5B
-- Served Markets
-- Industrial Process -- Transportation
-- Health Care -- Consumer & Appliance
-- Leadership Position in Certain Niches Driven by Technology Advancements and
Customer Support
-- Membrane Development
-- Advanced Pleating Geometries
-- Process Improvement in Insert Injection Molding
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-- Rapid Prototyping Capabilities
-- 3D Design Systems Networked with Customers
-- Substantially Reduced Lead Times
-- Blue Chip Customer Base
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FILTRATION PROFILE
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BUSINESS PROFILE MARKETS SERVED
---------------- --------------
[GRAPHIC]
Filtration Transportation
$181.7M 50%
61%
Other Industrial (Process & MFG)
21%
RF Shielding & Test Healthcare
18%
Communications
Consumer &
Appliance
11%
[ESCO TECHNOLOGIES LOGO]
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FILTRATION NEW PRODUCTS OUTLOOK
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[GRAPHIC]
36% CAGR - FY00-FY02
FY '00(A) $12.4M
FY '01(E) $16.8M
FY '02(E) $23.0M
-- Semiconductor Fab Filters
-- Pharmaceutical Grade Filters
-- Consumer Water Filers
-- Food & Beverage Filters
-- Aerospace Filters
-- Fuel Filters
Includes Products Introduced During Prior 3 Years
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INDUSTRIAL PROCESS
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[PHOTO]
-- Semiconductor
-- Petro Chem/Other [PHOTO]
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INDUSTRIAL PROCESS
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-- Food & Beverage
[PHOTOS]
[ESCO TECHNOLOGIES LOGO]
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HEALTH CARE
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-- Medical [PHOTOS]
Pharmaceutical [PHOTOS]
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TRANSPORTATION
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-- Commercial [PHOTOS]
Transports
-- Automotive [PHOTOS]
[ESCO TECHNOLOGIES LOGO]
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CONSUMER & APPLIANCE
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[PHOTOS]
[ESCO TECHNOLOGIES LOGO]
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BROAD CUSTOMER BASE
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[BAXTER LOGO]
[BD LOGO]
[ADM LOGO]
[PFIZER LOGO]
[KODAK LOGO]
[IBM LOGO]
[BOISE CASCADE CORPORATION LOGO]
Products you use from the environment we protect
[UNITED LOGO]
[GM LOGO]
[BOEING LOGO]
[OASIS LOGO]
[BRITA LOGO]
[WHIRLPOOL LOGO]
[ESCO TECHNOLOGIES LOGO]
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FILTRATION SALES GROWTH DRIVERS
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-- Served Market Growth: 5%-10+% CAGR
-- Rapidly Growing Microfiltration Business
-- New Products
-- Food & Beverage -- Semiconductor
-- Water -- Pharmaceutical
-- Acquisitions
-- Growth Markets
-- Product line "drop-ins"/Economies of Scale
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FILTRATION EARNINGS GROWTH DRIVERS
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-- Leverage Increasing Sales
-- New Products at Higher Margins
-- Patented Products & Proprietary Processes
-- Core Product Margins Steadily Improving
-- More Automated Manufacturing Cells
-- Microfiltration Consolidation Cost Savings
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RF SHIELDING & TEST
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ESCO is the undisputed global leader of radio frequency (RF) shielding and
electromagnetic compatibility (EMC) test products.
Growth Drivers:
-- Need to shield critical equipment from RF energy present in the atmosphere
-- Increasing EMC Test requirements driven by proliferation of electronic
devices
-- Compatibility requirements of new technology platforms such as "Blue Tooth"
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RF SHIELDING & TEST
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CONTRIBUTION
[GRAPHIC]
SALES OPERATING
21% of total sales PROFIT
23% of total operating profit
-- Market Profile
-- Total World Market greater than $1,200M
-- Esco Addressable Market approximately $400M
-- Broadest Product Offering Available
-- EMC Test Chambers
-- RF Shielding & Enclosures
-- Anechoic Absorber And Chambers
-- Antennas, Turntables And Accessories
-- Calibration Services
-- Technology Leadership Position
[ESCO TECHNOLOGIES LOGO]
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RF SHIELDING & TEST PROFILE
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[GRAPHIC]
BUSINESS PROFILE MARKETS SERVED
---------------- --------------
RF Shielding & Test Electronics
$63.0M 48%
21%
Filtration Transportation
31%
Communications Healthcare
19%
Other Other
2%
[ESCO TECHNOLOGIES LOGO]
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RF SHIELDING & TEST
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-- EMC Test Chambers
[PHOTOS]
-- EMC Test Products
[PHOTOS}
[ESCO TECHNOLOGIES LOGO]
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RF SHIELDING & TEST
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-- MRI Shielding
- Magnetic Resonance
Imaging (MRI) rooms
require RF shielding
[PHOTOS]
-- RF Screen Rooms
- Widely used by
electronic equipment
design groups
[ESCO TECHNOLOGIES LOGO]
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BLUE CHIP CUSTOMER BASE
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[CISCO SYSTEMS LOGO]
Empowering The Internet Generation
[NORTEL LOGO]
NORTHERN TELECOM
[NOKIA LOGO]
Connecting People
[QUALCOMM LOGO]
[INTEL LOGO]
[SONY LOGO]
[HP LOGO]
INVENT
[AGILENT TECHNOLOGIES LOGO]
Innovating the HP Way
[DAIMLERCHRYSLER LOGO]
[GM LOGO]
[FORD MOTOR COMPANY LOGO]
VOLVO MAZDA LINCOLN FORD MERCURY
JAGUAR ASTON MARTIN
[LUCENT TECHNOLOGIES LOGO]
Bell Labs Innovations
[GE LOGO]
We bring good things to life
[MOTOROLA LOGO]
[ESCO TECHNOLOGIES LOGO]
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RF SHIELDING & TEST SUMMARY
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-- Market Growth 7%-10+% CAGR
- Driver is Wireless Equipment Growth
- New Technology Platforms (e.g., Blue Tooth)
-- Future Growth Opportunities
- International Market Penetration
- New Products/Expand Served Markets
- Expansion of Calibration and Other Support Services
[ESCO TECHNOLOGIES LOGO]
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COMMUNICATIONS
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CONTRIBUTION
[GRAPHIC]
Sales
14% of total sales
Operating
Profit
30% of total operating profit
-- ESCO Markets a Proven Communications System, TWACS(R), to Electric
Utilities.
-- TWACS(R) is Currently used Primarily for Automatic Meter Reading (AMR),
but Also Provides a Ready Conduit into the Home for Future Applications.
[ESCO TECHNOLOGIES LOGO]
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COMMUNICATIONS PROFILE
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[GRAPHIC]
BUSINESS PROFILE MARKETS SERVED
---------------- --------------
Communications Industrial
$42.7M 96%
14.2%
Filtration Electronics
4%
RF Shielding & Test
Other
[ESCO TECHNOLOGIES LOGO]
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COMMUNICATIONS
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-- TWACS(R) System
- Most Capable Proven System Available
- Lowest Installed Cost for Many Applications
- Best System for Rural Areas and Broken Terrain
- Incorporates Patented, Proprietary Technology
Current Business Climate Favors TWACS(R)
-- Growth Opportunities
- Further International Market Penetration
- Domestic Municipalities and Coops
[ESCO TECHNOLOGIES LOGO]
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COMMUNICATIONS
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-- TWACS(R) System [PHOTO]
[ESCO TECHNOLOGIES LOGO]
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COMMUNICATIONS SUMMARY
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-- Puerto Rico Electric Power Authority (PREPA)
Project Provides Solid Base
- Current Contracts Exceed $50M
- Total Project Will Grow to $100+M
-- TWACS(R) Selected by Wisconsin Public Service
- phase I Awarded June 1999
- phase II Award Planned During FY '01
-- Substantial Upside Potential - New Project(s)
[ESCO TECHNOLOGIES LOGO]
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[ESCO TECHNOLOGIES LOGO]
A NEW COMPANY ... WITH A TEN-YEAR HISTORY
FINANCIAL OVERVIEW
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REVENUE GROWTH(1)
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[GRAPHIC]
CAGR = 35% FY 96-FY00
1996 $ 89.7M
1997 $174.9M
1998 $222.1M
1999 $238.4M
2000 $300.2M
(1) Excludes Divested Defense Units.
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INCOME STATEMENT ($000)
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<TABLE>
<CAPTION>
FY 2000 FY 1999
Operations Adjusted(2) % Change
---------- -----------
<S> <C> <C> <C>
Net Sales 300,157 243,340 23.3%
Gross Profit 91,894 67,207 36.7%
% Sales 30.6% 27.6%
Operating Profit 30,075 13,605 121.1%
% Sales 10.0% 5.6%
EBIT 22,106 9,239 139.3%
% Sales 7.4% 3.8%
Net Earnings 14,062 7,720 82.2%
% Sales 4.7% 3.2%
EPS - Diluted (1) $ 1.11 $ 0.61 82.0%
EBITDA 36,300 23,224 56.3%
% Sales 12.1% 9.5%
</TABLE>
(1) Excludes Non-recurring Gain of $.22 Related to Property Divestitures
(2) Excludes SEI and Non-recurring charges as defined in 1999 Annual Report to
Shareholders
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BALANCE SHEET ($000) - Sept. 30, 2000
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<TABLE>
<S> <C> <C>
Cash & Equivalents $ 5,620
Accounts Receivable 58,982 NO NET DEBT
Inventory 50,598
Other Current Assets 3,009
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Total Current Assets $118,209
Property, Plant & Equip, Net 62,563
Other Assets 150,361 - Includes $37.9M of NOL(1)
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Total Assets $331,133
Current Maturities - LTD $ 4,136
Current Liabilities 58,355
Other Liabilities 8,610
Long Term Debt 610
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Total Liabilities 71,711
Shareholders Equity 259,422
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Total Liabilities & Equity $331,133
</TABLE>
(1) Equivalent of $108M of Pre-Tax Earnings that can be sheltered from Federal
Tax - Retained primarily from divested Defense Co's
[ESCO TECHNOLOGIES LOGO]
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ESCO FINANCIAL SUMMARY
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-- Revenue & Earnings Growth Momentum
-- Capacity Available
-- Leverage Technology/Opportunities
-- Trading At 5.5x Enterprise Value/EBITDA(1)
-- Peer Group Avg X/ESCO = 9.2x
-- Peer Group Range X/ESCO = 5.8x - 13.7x
-- Focused On Enhancing Returns Through:
-- Economic Profit Focus
-- Strong Balance Sheet
-- NOLS To Minimize Fed Taxes & Protect Cash Flows
-- Management And Shareholder Interests Aligned
-- Executive Equity Ownership Policy
(1) Per Baird In-Filtration Report Dated Nov. 6, 2000
[ESCO TECHNOLOGIES LOGO]
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THE NEW ESCO
______________________________________________________________________________
-- Focused On Growth Markets
-- New Products Provide Growth Catalyst
-- Technology Strength
-- Products & Processes
-- Partnering With Customers - Solutions Driven
-- Strong Balance Sheet & Cash Flow
-- Committed To Enhancing Shareholder Value
[ESCO TECHNOLOGIES LOGO]
