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EX-10.1 - EXHIBIT 10.1 - ASTRONICS CORP | c25392exv10w1.htm |
8-K - FORM 8-K - ASTRONICS CORP | c25392e8vk.htm |
EXHIBIT 99.1
NEWS
RELEASE
Astronics Corporation 130 Commerce Way East Aurora, NY 14052-2191
For more information contact: |
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David C. Burney, Chief Financial Officer
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Deborah K. Pawlowski | |
Phone: (716) 805-1599, ext. 159
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Kei Advisors LLC | |
Fax: (716) 805-1286
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Phone: (716) 843-3908 | |
Email: david.burney@astronics.com
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Email: dpawlowski@keiadvisors.com |
FOR
IMMEDIATE RELEASE
Astronics Acquires Avionics Interface Solutions Supplier Ballard Technology, Inc.
Addresses market for high quality, specialty avionics databus interface solutions for
defense and commercial aerospace applications
defense and commercial aerospace applications
EAST AURORA, NY, November 30, 2011 Astronics Corporation (NASDAQ: ATRO), a leader in advanced,
high-performance lighting, electrical power and automated test systems for the global aerospace and
defense industries, today announced that it has acquired privately-held Ballard Technology, Inc.,
an Everett, WA company that designs and produces avionics interface solutions for defense and
commercial aerospace applications. Astronics acquired all of the stock of Ballard for $24 million
in cash. An additional purchase consideration of up to $5.5 million may be paid by Astronics if
Ballard achieves certain revenue growth targets over each of the next five years.
Founded in 1986, Ballard is projecting 2011 annual revenue of approximately $11.0 million,
achieving a compound annual growth rate during the previous three years of over 20%. Ballards
databus products can be used anytime avionics systems on an aircraft are upgraded.
Peter J. Gundermann, President and CEO of Astronics, commented, The acquisition of Ballard
advances our strategy to develop and maintain positions of technical leadership while diversifying
the products and technologies we currently offer to our targeted aerospace and defense customers.
Like us, Ballard provides highly-engineered products and has built a brand based on quality,
service and innovative designs. We believe that the business has solid growth potential and our
capabilities will complement their efforts. In addition, Ballard is a solidly profitable business.
Our acquisition price is roughly six times projected 2011 income before tax, and we expect the
acquisition to be accretive in 2012.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power 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, and its
wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp., DME Corporation and
Luminescent Systems Inc., have 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 the
actual results to differ materially from those contemplated by the statements. Important factors
that could cause actual results to differ materially include the ability of Ballard to continue its
growth and achieve expected profit margins, 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 Companys 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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