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Astronics to acquire PGA Electronic

Astronics Corporation, a provider of advanced technologies for the aerospace and defense industries, has entered into an agreement to acquire PGA Electronic ("PGA") for approximately US$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 a leading provider of IFE/communication systems as well as cabin management systems for private VVIP aircraft. Its customers are primarily aircraft seat manufacturers and corporate jet completion centres. Approximately 91% of PGA's sales are in Europe. For its fiscal year 2013, which ended August 31, 2013, PGA had sales of approximately US$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."


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