<SEC-DOCUMENT>0001104659-20-005408.txt : 20200220
<SEC-HEADER>0001104659-20-005408.hdr.sgml : 20200220
<ACCEPTANCE-DATETIME>20200121123748
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-005408
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20200121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ESCO TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000866706
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMUNICATIONS EQUIPMENT, NEC [3669]
		IRS NUMBER:				431554045
		STATE OF INCORPORATION:			MO
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		9900 A CLAYTON RD
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63124
		BUSINESS PHONE:		3142137200

	MAIL ADDRESS:	
		STREET 1:		9900 A CLAYTON RD
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63124

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ESCO ELECTRONICS CORP
		DATE OF NAME CHANGE:	19920703
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="best logo" STYLE="height: 79px; width: 120px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">9900A Clayton Road</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">St. Louis, Mo 63124-1186</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">314-213-7246 Ph</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">314-213-7250 Fax</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">www.escotechnologies.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 21, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. John Cash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Mindy Hooker</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Manufacturing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.325in"><B>Re:</B></TD><TD><B>ESCO Technologies Inc. (the Company)</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><B>Form 10-K for the year ended
September 30, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><B>Filed November 29, 2019</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><B>File No. 1-10596</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Cash and Ms. Hooker:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">This letter sets forth the response of ESCO
Technologies Inc. (the &quot;Company&quot;) to the comment letter of the Division of Corporation Finance of the Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) dated January 8, 2020, with respect to the above referenced filing. We have
duplicated the comment set forth in the comment letter and have provided our response below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>Form 10-K for the fiscal year ended
September 30, 2019</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><U>Item 7. Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations Highlights of 2019 Operations, page 19</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: left"><I>We note your presentation of Diluted EPS &ndash; As Adjusted and have the following comments:</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>Please provide a reconciliation of this non-GAAP measure to the most directly comparable GAAP measure,
Diluted EPS, in a more prominent manner, such as a tabular presentation, in accordance with Item 10(e)(1)(i) of Regulation S-K.</I></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left"><I>The adjustments to Diluted EPS appear to be net of income tax. Adding back adjustments, net of
tax, is not consistent with the guidance provided in Question 102.11 of the updated Compliance and Disclosure Interpretations on
Non-GAAP Financial Measures (April 4, 2018).</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><I>Please revise your future non-GAAP
presentations, including disclosures filed in quarterly earnings releases on Form 8-K, accordingly.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Company Response</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In our future non-GAAP presentations, including
disclosures filed in quarterly earnings releases on Form 8-K, we will include a reconciliation to the most directly comparable
GAAP measure (for example, Diluted EPS or net earnings) in a more prominent manner, such as a tabular presentation. Any income
tax effects will be shown as a separate adjustment and clearly explained. This expanded disclosure will be included in our next
earnings release as a separate table reconciling any non-GAAP measures to the most directly comparable GAAP measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Critical Accounting Policies</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Revenue Recognition, page 26</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: left"><I>We note your disclosure which refers the reader to the Notes to the Consolidated Financial Statements
for information regarding the recognition of revenue. Please revise future critical accounting estimates disclosures to provide
insight into the judgments that are made in your revenue recognition process. The accounting estimate disclosures are designed
to supplement the description of accounting policies in the notes to the financial statements and provide greater insight into
the quality and variability of information regarding financial condition and operating performance. Typical disclosures discuss
the types of assumptions underlying the most significant and subjective estimates, provide a sensitivity analysis of those assumptions
to deviations of actual results, and disclose the circumstances that have resulted in revised assumptions in the past. As an example,
we note that significant judgment is used in determining total contract cost for revenue that is recorded over time using the cost-to-cost
method.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Company Response</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">In our future filings, we will include as
part of our critical accounting estimate disclosures and the notes to our financial statements, greater insight into the judgments
that are made in our revenue recognition process related to those contracts with customers for which we use significant judgment,
which include a) determination of the contract milestone status for revenue recorded over time using the contract milestone method
and b) the total contract costs for revenue that is recorded over time using the cost-to-cost method. This disclosure of judgments
will include the types of assumptions underlying our most subjective estimates. We will provide an analysis of those assumptions
to deviations of actual results and disclose the types of circumstances that have resulted in revised assumptions in the past.
In our next Form 10-K filing, we will include the following as additional disclosure related to the Filtration and Test segments.
We do not believe the accounting related to revenues recognized at a point in time or USG revenues recognized over time is a critical
accounting policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Proposed wording in future Form 10-K
filings: </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The Company accounts for revenue
in accordance with ASC Topic 606, <I>Revenue from Contracts with Customers. </I>The unit of account in ASC Topic 606 is a performance
obligation. The transaction price for our contracts represents our best estimate of the consideration we will receive and includes
assumptions regarding variable consideration, as applicable, which are based on historical, current and forecasted information.
The transaction price is allocated to each distinct performance obligation within the contract and recognized as revenue when,
or as, the performance obligation is satisfied. Certain of our long-term contracts contain incentive fees that can increase the
transaction price. These variable amounts generally are awarded upon achievement of certain performance metrics, program milestones
or cost targets and can be based upon customer discretion. We include estimated amounts in the transaction price to the extent
it is probable that a significant reversal of cumulative revenue recognized will not occur. The estimated amounts are based on
an assessment of our anticipated performance and all other information that is reasonably available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Approximately XX% and XX% of the
Company&rsquo;s Filtration and Test segments&rsquo; revenues (XX% of consolidated revenue), respectively, is recognized over time
as the products do not have an alternative use and the Company has an enforceable right to payment for costs incurred plus a reasonable
margin or the inventory is owned by the customer. Selecting the method to measure progress towards completion for our contracts
requires judgment and is based on the nature of the products or services to be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The Filtration segment generally
uses the cost-to-cost method to measure progress on our contracts, as the rate at which costs are incurred to fulfill a contract
best depicts the transfer of control to the customer. Under this method, the extent of progress towards completion is measured
based on the ratio of costs incurred to date to the estimated costs at completion of the performance obligation, and revenue is
recorded proportionally as costs are incurred based on an estimated profit margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The Test segment generally uses
the milestone output method to measure progress on our contracts because it best depicts the transfer of control to the customer
that occurs as we incur costs on our contracts. Under this method, the Company estimates profit as the difference between total
revenue and total estimated costs at completion of a contract and recognizes these revenues and costs based on milestones achieved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">Total contract cost estimates are
based on current contract specifications and expected engineering requirements and require us to make estimates on expected profit.
The estimates on profit are based on judgments we make to project the outcome of future events can often span more than one year
and include labor productivity and availability, the complexity of the work to be performed, change orders issued by our customers,
and other specialized engineering and production related activities. Our cost estimation process is based on historical results
of contracts and historical actuals to original estimates, and the application of professional knowledge and experience of engineers
and program managers along with finance professionals to these historical results. We review and update our estimates of costs
quarterly or more frequently when circumstances significantly change, which can affect the profitability of our contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">For contracts where revenue is
recognized over time, we generally recognize changes in estimated contract revenues, costs and profits using the cumulative catch-up
method of accounting. This method recognizes the cumulative effect of changes on current and prior periods with the impact of the
change from inception-to-date recorded in the current period. We have net revenue recognized in the current year from performance
obligations satisfied in the prior year due to changes in our estimated costs to complete the related performance obligations.
Anticipated losses on contracts are recognized in full in the period in which the losses become probable and estimable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">The impact of adjustments in contract
estimates on our operating earnings can be reflected in either revenue or operating costs and expenses. The aggregate impact of
adjustments in contract estimates increased/decreased our earnings before income tax and diluted earnings per share by XX and XX,
respectively, in the current year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Goodwill and Other Long-Lived Assets, page 27</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: left"><I>We note goodwill represents a substantial element of your Balance Sheet and your accounting policy
states the results of your impairment testing indicate the fair value of your NRG subsidiary is not less than the carrying amount.
Please modify your disclosure to state, if true, that the results of your impairment testing indicate the fair values substantially
exceed the reporting units carrying values for any reporting units that have been quantitatively assessed for impairment. Otherwise,
please disclose the percentage by which each reporting units&rsquo; fair value exceeds its carrying value. If you performed qualitative
assessments, please clarify that fact.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Company Response</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">For the year ended September 30, 2019, we
performed qualitative assessments on all of the Company&rsquo;s reporting units except for NRG. During 2019, the revenue softness
in the Company&rsquo;s renewable energy reporting unit NRG led management to perform a more comprehensive impairment analysis,
including a quantitative analysis related to the carrying value of its $8 million of goodwill and $8 million of tradename. Our
estimates measured in accordance with <I>ASC 350, Intangibles &ndash; Goodwill and Other</I> demonstrated the fair value of those
assets were greater than the carrying amounts. We elected to omit the percentage by which the NRG reporting unit&rsquo;s fair value
exceeded its carrying value as we did not believe NRG&rsquo;s goodwill and net intangible assets, which represent approximately
2% of total goodwill and net intangible assets, to be material to the consolidated financial statements. In our future filings,
we will clarify the reporting units where qualitative assessments have been performed and for those reporting units where quantitative
assessments have been performed, we will disclose that the fair values substantially exceed the reporting units&rsquo; carrying
values or the percentage by which each reporting unit&rsquo;s fair value exceeds its carrying value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="color: Black">If you have any
questions or if you require additional information, please do not hesitate to contact me by phone at 314-213-7246 or e-mail (gmuenster@escotechnologies.com).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gary E. Muenster</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gary E. Muenster</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President &amp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ESCO Technologies Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">9900A Clayton Road</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">St. Louis, MO 63124</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
