Esco stock jumps after order for 88,000 meter readers
Ladue-based Esco Technologies Inc.’s stock rose sharply today after one of it’s divisions received an order from Pacific Gas & Electric Co. to provide 88,000 radio-transmitted electric meter reading devices for electric utility customers in Northern California.
As of 1:40 p.m., Esco shares were trading at $41.28, up $4.21, or 11.4 percent.
PG&E had been testing 2,000 of Esco’s Aclara RF, or radio-frequency, devices since June 2007, Esco said today in a release.
Esco said this order of RF devices brings the total number of Aclara electric and gas meter reading devices under contract with PG&E to more than 1.3 million, with more orders expected during fiscal 2008. Vic Richey, Esco’s chairman and chief executive, told the Post-Dispatch the deal was worth about $5 million.
