Astronics Test Systems to Provide Major Test Program for Transportation Industry
October 02 2018 - 6:30AM
Business Wire
Astronics Corporation (Nasdaq:ATRO), a leading provider of
advanced technologies for the global aerospace, defense and
semiconductor industries, announced today that its wholly owned
subsidiary Astronics Test Systems, has entered into a formal letter
of intent (“LOI”) to provide a test system program for a customer
in the transportation industry. The LOI provides for an anticipated
program value of approximately $30 million with additional options
for up to a total value of approximately $50 million over the next
five years.
Astronics expects to finalize the remaining terms of the
contract and receive a formal contract award within 60 days. In the
meantime, systems design and development will begin.
“The selection of our test system solutions for this application
is a testament to the technical competency and engineering
excellence of our test business,” stated Peter J. Gundermann,
President and CEO of Astronics Corporation. “This win demonstrates
the breadth of our expertise for diverse applications and a growing
base of customers.”
Astronics Test Systems leverages nearly 60 years of experience
to offer automatic test expertise to electronics manufacturers in
the aerospace, military, semiconductor, medical, space, mass
transit, and automotive industries. Astronics’ test solutions
ensure the world’s most advanced electronic products perform as
designed, every time.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq: ATRO) serves the world’s
aerospace, defense and semiconductor industries with proven,
innovative technology solutions. Astronics works
side-by-side with customers, integrating its array of power,
connectivity, lighting, structures, interiors, and test
technologies to solve complex challenges. For 50
years, Astronics has delivered creative, customer-focused
solutions with exceptional responsiveness. Today, global airframe
manufacturers, airlines, military branches, completion centers, and
Fortune 500 companies rely on the collaborative spirit and
innovation of Astronics.
For more information on Astronics and its solutions,
visit 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 actual
results to differ materially from those contemplated by the
statements. Important factors that could cause actual results to
differ materially from what may be stated here include the state of
the aerospace, defense, consumer electronics and semiconductor
industries, the market acceptance of newly developed products,
internal production capabilities, the timing of orders received,
the status of customer certification processes and delivery
schedules, the demand for and market acceptance of new or existing
aircraft which contain the Company’s products, the need for new and
advanced test and simulation equipment, 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181002005053/en/
CompanyAstronics
CorporationDavid C. Burney, +1-716-805-1599Chief Financial
Officerdavid.burney@astronics.comorInvestor RelationsKEI AdvisorsDeborah K.
Pawlowski, +1-716-843-3908Investor
Relationsdpawlowski@keiadvisors.com
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Sep 2023 to Sep 2024