Astronics, a leading provider of advanced technologies
for the global aerospace and defense industries, announced that
it has entered into a definitive agreement to acquire substantially all
of the assets and liabilities of EADS North America's Test and Services
division (EADS T&S) for approximately $53 million in cash plus a net
working capital adjustment. The agreement is expected to close in
February, subject to normal closing requirements including
Hart-Scott-Rodino approval. Upon closing, EADS T&S will be reported in
Astronics' Test Systems segment.
EADS T&S, located in Irvine, California, is a leading provider of
highly engineered automatic test systems (ATS), subsystems and
instruments for the semi-conductor, consumer electronics, commercial
aerospace and defense industries. EADS T&S provides fully customized
testing systems and support services for these markets. It also designs
and manufactures test equipment under the well-respected test
instrument brands known as Racal and Talon.
EADS T&S had 2013 sales of approximately $70 million. Sales for 2014
for the business are expected to be approximately $100 million.
Peter J. Gundermann, CEO of Astronics, commented, "EADS T&S has
developed a strong presence in a diversified set of industries, which
provides a broad range of market opportunities for growth. We also
believe that the business possesses a skill set which is highly
complementary to our own, and together we will field a stronger team
than either entity would do on their own."
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