Astronics To Buy EADS Testing Unit For $53M
EAST AURORA, N.Y. (AP) -- Astronics Corp., which makes products for aerospace, electrical power and other industries, says it's buying the test and services division of EADS North America for $53 million in cash.
The company said Tuesday that the deal is expected to close next month, and the price could be adjusted for working capital.
The EADS unit makes automatic test systems and provides services for the semiconductor, consumer electronics, aerospace and defense industries. It had 2013 sales of about $70 million, expects 2014 sales of about $100 million, and has about 210 employees, Astronics said.
Shares of Astronics fell 51 cents to $64.15 in afternoon trading. In the past 12 months, they have more than tripled.