Astronics Signs Definitive Agreement to Sell its Airfield Lighting Product Line
July 08 2019 - 4:15PM
Business Wire
Astronics Corporation (Nasdaq: ATRO), a leading provider of
advanced technologies for global aerospace, defense, and other
mission critical industries, announced today the signing of a
definitive agreement under which Hughey & Phillips, LLC, will
acquire the Airfield Lighting product line from Astronics. The
transaction, subject to customary closing conditions and
adjustments, is expected to close on or before July 12, 2019.
Peter J. Gundermann, Chairman, President and Chief Executive
Officer, commented, “As we continue to build and grow our business,
the Airfield Lighting product line comprised less than 1% of our
2018 revenue and no longer fits within our core offerings. This
transaction allows us to focus our efforts and drive more
profitable growth across our organization.”
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.
ABOUT HUGHEY & PHILLIPS
Hughey and Phillips (H&P) is one member of a conglomerate of
companies serving the aviation, transportation, security and
medical markets from its headquarters in Urbana, Ohio. H&P is a
global leader in obstruction and airport lighting products and has
been serving the safety needs of the transportation industry since
the 1930s. For more information and to view their complete product
line, visit hugheyandphillips.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190708005713/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
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