Astronics to Acquire Armstrong Aerospace
December 24 2014 - 6:55AM
Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced
technologies for the global aerospace and defense industries,
announced today that it has entered into a definitive agreement to
acquire Armstrong Aerospace ("Armstrong") for approximately $51
million. The agreement is expected to close in January 2015,
subject to normal closing requirements.
Armstrong Aerospace, located in Itasca, Illinois, is a leading
provider of engineering, design and certification solutions for
commercial aircraft, specializing in connectivity, in-flight
entertainment, and electrical power systems. Armstrong sales
for 2014 are expected to be approximately $27 million.
Peter J. Gundermann, CEO of Astronics, commented, "I am pleased
to include Armstrong in the expanding range of capabilities that
Astronics has to offer, specifically in the connectivity and power
niche for commercial airlines. Armstrong has a strong
entrepreneurial spirit, advanced engineering proficiency and
significant experience in providing certifications for OEMs,
integrators and airlines. And, like us, they have a solid
history of strong growth."
With this acquisition, Astronics now expects 2015 revenue will
be between $680 million to $725 million.
Mesirow Financial acted as the exclusive financial advisor to
Armstrong Aerospace.
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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