Astronics to Acquire EADS North America Test and Services Division

EAST AURORA, N.Y. (Jan. 21, 2014) – Astronics Corporation 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, Calif., is a provider of 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 test instrument brands 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." EADS T&S was founded in 1950 as Racal Electronic Group and currently has about 210 employees. Houlihan Lokey acted as the exclusive financial advisor to EADS North America, Inc. Astronics Corporation provides advanced, high-performance lighting, electrical power, specialized avionics products and automated test systems for the global aerospace and defense industries.