Astronics Corporation Completes Acquisition of Telefonix Inc.
02 December 2017 - 5:41AM
Business Wire
Astronics Corporation (NASDAQ:ATRO), a leading provider of
advanced technologies for the global aerospace, defense, and
semiconductor industries, announced that it completed the
acquisition of substantially all of the assets of Telefonix Inc.
and a related company, Product Development Technologies, LLC,
(together as “Telefonix PDT”) for approximately $104 million in
cash on December 1, 2017. The acquisition was financed with
Astronics’ line of credit.
Astronics previously announced that it had entered into a
definitive agreement to acquire Telefonix PDT on October 27,
2017.
Telefonix PDT, located in Waukegan and Lake Zurich, Illinois,
designs and manufactures advanced in-flight entertainment and
connectivity equipment, and provides industry leading design
consultancy services for the global aerospace industry. The
company’s products include wireless access points, file servers,
content loaders, passenger control units and cord reels, as well as
engineering services for its customers.
The impact of the acquisition to earnings in 2017 is expected to
be nominal. Astronics anticipates that Telefonix PDT will
contribute approximately $70 million to $75 million in revenue in
2018 and that the acquisition will be accretive to earnings.
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
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 progress of customer fleet upgrade
programs, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171201005646/en/
CompanyAstronics CorporationDavid Burney, CFO,
716-805-1599 x 159david.burney@astronics.comorInvestorsKei
Advisors LLCDeborah K. Pawlowski,
716-843-3908dpawlowski@keiadvisors.com
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