Astronics Announces Acquisition of Freedom Communication Technologies
July 01 2019 - 7:30AM
Business Wire
Augments radio test solution offerings
Astronics Corporation (Nasdaq: ATRO), a leading provider of
advanced technologies for global aerospace, defense, and other
mission critical industries, announced today that it has acquired
Freedom Communication Technologies, Inc. (FCT) a developer and
manufacturer of communication test equipment for the land-based
mobile radio test market providing innovative solutions to
Long-Term Evolution (LTE) high-speed wireless communications
customers globally. Astronics has acquired 100% of the equity of
FCT for $22 million in cash.
Peter J. Gundermann, Chairman, President and Chief Executive
Officer commented, “FCT is a leader in wireless communications
testing, primarily for the civil land mobile radio market. Their
market focus and technology complements those we already have, and
together, we will offer a broader range of test solutions to an
expanded market. The acquisition gives us a stronger market
position in the radio test arena, a strong brand for our offerings
and a larger addressable market. We are excited to expand our test
capabilities and to bring FCT on board with our Test business.”
Based in Kilgore, TX, FCT was founded in 2015 and offers
communications analyzers for testing and maintaining Land Mobile
Radio (LMR) communications systems. FCT also provides an extensive
range of capabilities, including automated radio testing and
alignment, coverage mapping, and interference analysis.
In 2018, FCT had $11 million in revenue and is expected to
contribute approximately $10 million in revenue in the second half
of 2019.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq: ATRO) serves the world’s
aerospace, defense, and other mission critical 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 ability
of the Company to advance its Test business into a broader market,
the ability to achieve at or near breakeven performance in the Test
business, the ability to win new projects in the Test business and
margins to expand with growth, the success of the Company achieving
its sales expectations, 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 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/20190701005265/en/
Company David C. Burney
Chief Financial Officer, Astronics Corporation
david.burney@astronics.com +1.716.805.1599 Investor Relations Deborah K. Pawlowski
Investor Relations, Kei Advisors dpawlowski@keiadvisors.com
+1.716.843.3908
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Astronics (NASDAQ:ATRO)
Historical Stock Chart
From Apr 2023 to Apr 2024