Deal Worth $53 Million To Close In February

Astronics Corporation 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.

"EADS T&S has developed a strong presence in a diversified set of industries, which provides a broad range of market opportunities for growth," said Peter J. Gundermann, CEO of Astronics. "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."

FMI: www.astronics.com