Astronics to acquire Armstrong Aerospace
Astronics Corporation announced December 24 that it had entered into a definitive agreement to acquire Armstrong Aerospace, with closing pegged for sometime in January.
Armstrong, is based in Itasca, Illinois, and provides engineering, testing, design and certification solutions for commercial aircraft. Lately, the company has been specializing in connectivity, inflight entertainment and electrical power systems.
The agreement calls for Astronics to pay approximately US$51 million for Armstrong, which recorded sales of US$27 million this year.
“Armstrong has a strong entrepreneurial spirit, advanced engineering proficiency and significant experience in providing certifications for OEMs, integrators and airlines,” said Peter Gundermann, CEO of Astronics in the December 24 announcement of the purchase. “And, like us, the have a solid history of strong growth.”
With the acquisition, Astronics expects its 2015 revenue will grow from US$680 million to US$725 million.