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.
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