Astronics Announces Acquisition of PGA Electronic


  • Leading manufacturer of seat motion and lighting systems for business and first class aircraft seats
  • Europe’s leading manufacturer of in-flight entertainment and cabin management systems for VVIP aircraft

East Aurora, NY | November 4, 2013– Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, announced today that it has entered into a definitive agreement to acquire PGA Electronic (“PGA”) for approximately $28.5 million. The purchase price will be paid 60% in cash and 40% in Astronics stock. The deal is expected to close before year end, subject to customary closing conditions.

PGA Electronic, located in Châteauroux, France, designs and manufactures seat motion and lighting systems primarily for business and first class aircraft seats and is Europe’s leading provider of in-flight entertainment/communication systems as well as cabin management systems for private VVIP aircraft. Its customers are primarily aircraft seat manufacturers and corporate jet completion centers. Approximately 91% of PGA’s sales are in Europe. For its fiscal year 2013, which ended August 31, 2013, PGA had sales of approximately $44 million. The business generates margins similar to those of Astronics.

Peter J. Gundermann, CEO of Astronics, commented, “The addition of PGA to Astronics deepens our reach into the European aircraft market while extending our lighting and power technologies. The acquisition complements well our other lighting, cabin electronics and communication capabilities.”

PGA was established in 1989 and currently has about 190 employees. Its products can be found on the full range of commercial transport aircraft programs and on many large private and government jets around the world.

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