Astronics acquires Diagnosys Test Systems
Astronics Corporation announced today the acquisition of mass transit and defense market test solution provider Diagnosys Test Systems Limited. Diagnosys is a developer and manufacturer of comprehensive automated test equipment (ATE) that provides test, support and repair of high value electronics and electro-mechanical, pneumatic and printed circuit boards.
Astronics has acquired 100% of the equity of the three primary operating subsidiaries of Diagnosys – Diagnosys Holdings, Inc., Diagnosys Ferndown Limited and Diagnosys Electronics Private Limited – for $7 million USD in cash. The terms of the acquisition allow for a potential earn-out of up to an additional $13 million USD over the next three years based on achievement of new order level of over $70 million USD during that period.
“The acquisition gives us a strong position in the growing mass transit test market as well as providing component-level solutions to our aerospace and defense test business,” said Peter J. Gundermann, Chairman, President and CEO of Astronics, in today’s release from the company. “We expect that the company’s advanced technologies and customer base will provide us opportunities for continued growth into mission-critical test markets by enabling us to offer a broader range of solutions to our customers.”
The acquired business has operations in Westford, Massachusetts and Ferndown, England, and an engineering center in Bangalore, India. Founded in 2008, Diagnosys has approximately 120 employees and provides an extensive range of service capabilities, including the overhaul and repair of electronics systems.