Astronics Completes Acquisition of Armstrong Aerospace
15 January 2015 - 10:55PM
Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced
technologies for the global aerospace and defense industries,
announced today that it completed the acquisition of Armstrong
Aerospace ("Armstrong") for approximately $52 million in cash on
January 14, 2015.
Astronics previously announced that it had entered into a
definitive agreement to acquire Armstrong on December 24, 2014.
Armstrong Aerospace, located in Itasca, Illinois, was founded in
1996 and has 81 employees. Armstrong is a leading provider of
engineering, design and certification solutions for commercial
aircraft, specializing in connectivity, in-flight entertainment,
and electrical power systems. For 2014, Armstrong had sales of
approximately $27 million.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq:ATRO) is a leader in advanced,
high-performance lighting, electrical power, specialized avionics
products and automated test systems for the global aerospace and
defense industries. Astronics' strategy is to develop and maintain
positions of technical leadership in its chosen aerospace and
defense markets, to leverage those positions to grow the amount of
content and volume of product it sells to those markets and to
selectively acquire businesses with similar technical capabilities
that could benefit from our leadership position and strategic
direction. Astronics Corporation, through its wholly-owned
subsidiaries, has a reputation for high-quality designs,
exceptional responsiveness, strong brand recognition and
best-in-class manufacturing practices. The Company routinely posts
news and other important information on its Web site at
www.astronics.com.
For more information on Astronics and its products,
visit its Web site at www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined
by the Securities Exchange Act of 1934. One can identify these
forward-looking statements by the use of the words "expect,"
"anticipate," "plan," "may," "will," "estimate" or other similar
expressions. Because such statements apply to future events, they
are subject to risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially include the capabilities of the acquired company,
achieving expected revenue levels, successfully leveraging
complementary capabilities in the Test Systems segment, the state
of the aerospace and defense industries, the market acceptance of
newly developed products, internal production capabilities, the
timing of orders received, the status of customer certification
processes, the demand for and market acceptance of new or existing
aircraft which contain the Company's products, customer
preferences, and other factors which are described in filings by
Astronics with the Securities and Exchange Commission. The Company
assumes no obligation to update forward-looking information in this
news release whether to reflect changed assumptions, the occurrence
of unanticipated events or changes in future operating results,
financial conditions or prospects, or otherwise.
CONTACT: For more information contact:
Company:
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Email: david.burney@astronics.com
Investor Relations:
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Email: dpawlowski@keiadvisors.com
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