Astronics Test Systems Awarded Approximately $30 Million Contract to Support Kawasaki Rail Cars, Inc. for New York City Trans...
February 04 2019 - 8:30AM
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 been awarded a contract to
develop and supply a test system to Kawasaki Rail Car, Inc. (KRC),
a subsidiary of Kawasaki Heavy Industries, Ltd. The contract is
valued at approximately $30 million with additional options for a
total potential value of approximately $50 million.
The test system will supply post-delivery maintenance support
for new generation subway cars being delivered by KRC to the
Metropolitan Transportation Authority’s New York City Transit
(NYCT). The cars are scheduled to be delivered to NYCT from 2020 to
2023. This program is expected to generate revenue for five years
beginning in the first quarter of 2019.
“We are proud to be part of this large program, providing
innovative consolidated test solutions that support
mission-critical equipment,” commented Peter J. Gundermann,
President and CEO of Astronics Corporation. “This program is a
logical application of our skills and capabilities, leveraging our
successful Aerospace and Defense test experiences. We look forward
to making the program successful for KRC and NYCT.”
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 timing
and total value of the sale of the transportation test solutions,
conditions related to the sale of the Semiconductor Test business
including value and HSR clearance, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190204005163/en/
Company ContactDavid C.
BurneyChief Financial Officer, Astronics
Corporationdavid.burney@astronics.com+1.716.805.1599
Investor RelationsDeborah K.
PawlowskiInvestor Relations, KEI Advisorsdpawlowski@keiadvisors.com+1.716.843.3908
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