Astronics has agreed to acquire substantially all of the assets and liabilities of EADS T&S for about $53 million in cash plus a net working capital adjustment. The agreement is expected to close in February.
EADS T&S provides engineered automatic test systems (ATS), subsystems and test instruments for the commercial aerospace, defense, semiconductor, and consumer electronics industries. On closing EADS T&S will be reported to the Astronics Test Systems segment.
EADS T&S provides customized testing systems and support services, and designs and manufactures test equipment under the Racal and Talon brands. EADS T&S had 2013 sales of about $70 million. Sales for 2014 for the business are expected to be about $100 million.
EADS T&S has "a skill set which is complementary to our own, and together we will field a stronger team than either entity would do on their own," says Astronics CEO Peter Gundermann.
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