Astronics Corporation Acquires Custom Controls Concepts
04 April 2017 - 6:15AM
Business Wire
Market Leader in Cabin and In-Flight
Entertainment Systems Enhances Astronics’ VVIP Aircraft
Offerings
Astronics Corporation (NASDAQ:ATRO), a leading supplier of
advanced technologies and products to the global aerospace,
defense, and semiconductor industries, announced today that is has
purchased the operating assets of Custom Controls Concepts (CCC),
located in Kent, Washington. CCC is the established market share
leader in providing cabin management and in-flight entertainment
(IFE) systems for the complete range of privately operated Boeing
and Airbus aircraft, along with other select fixed and rotary wing
aircraft models. Founded in 1998, CCC has completed more than 165
technology installations to date.
Peter J. Gundermann, President and Chief Executive Officer of
Astronics Corporation, said, “We are pleased to have CCC join our
company and contribute their capabilities, technologies and strong
customer relationships. We are very familiar with the VVIP market
through our PGA Avionics subsidiary, and, while current market
conditions are challenging, we believe the cooperative pursuits of
PGA and CCC working together will provide best-in-class technology
and innovation to our customers. The addition of CCC furthers
Astronics’ commitment to be the global leader in this market as it
recovers in the coming years.”
Astronics does not expect the acquisition to materially impact
2017 earnings, and has not released the terms of the transaction at
this time.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of
advanced technologies and products to the global aerospace, defense
and semiconductor industries. Astronics’ products and services
include advanced, high-performance electrical power generation and
distribution systems, seat motion solutions, lighting and safety
systems, avionics products, aircraft structures, systems
certification and automated test systems. Astronics’ strategy is to
increase its value by developing technologies and capabilities,
either internally or through acquisition, and using those
capabilities to provide innovative solutions to its targeted
markets and other markets where its technology can be beneficial.
Through its wholly owned subsidiaries, Astronics has a reputation
for high-quality designs, exceptional responsiveness, strong brand
recognition and best-in-class manufacturing practices.
For more information on Astronics and its products, visit
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 from what may be stated here include the state of
the aerospace, defense, consumer electronics and semiconductor
industries, the market acceptance of newly developed products,
internal production capabilities, the timing of orders received,
the status of customer certification processes and delivery
schedules, the demand for and market acceptance of new or existing
aircraft which contain the Company’s products, the need for new and
advanced test and simulation equipment, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170403006493/en/
Astronics CorporationDavid Burney, 716-805-1599, ext. 159Chief
Financial Officerdavid.burney@astronics.comorKei Advisors
LLCDeborah Pawlowski, 716-843-3908Investor
Relationsdpawlowski@keiadvisors.com
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