EAST AURORA, N.Y., Aug. 16, 2012 — Astronics Corporation (NASDAQ: ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, acquired privately-held Max-Viz, Inc. (“Max-Viz”), a market-leading developer and designer of Enhanced Vision Systems (EVS) for fixed and rotary wing aircraft through both OEM and aftermarket channels in the general aviation, commercial and military aerospace markets for $10 million in cash. Additional purchase consideration of up to $8.0 million may be paid by Astronics if Max-Viz achieves certain revenue targets in 2013, 2014 and 2015.
Founded in 2001 in Portland, Ore., Max-Viz is projecting 2012 full-year revenue in the range of $7.0 million to $8.0 million. Max-Viz’s EVS product line fuses infrared and visible imagery allowing real-time display to pilots for increased visibility in adverse weather conditions, such as darkness, precipitation, fog, dust and smoke.
“The Max-Viz acquisition fits well with our strategy to broaden our product and technology offerings to the aerospace and defense industry,” commented Peter J. Gundermann, President and CEO of Astronics. “They are a leading provider of EVS technology having earned FAA certification for installation on more than 200 different fixed wing and rotary wing aircraft models across various manufacturers. We expect that Max-Viz will continue its growth through innovation, quality and its solid pipeline of opportunities.”
Max-Viz President and CEO Elliott Troutman said, “We are very pleased with the acquisition. Being a part of global aerospace leader Astronics gives Max-Viz additional financial and market strength. Going forward as an Astronics’ company, we believe the operation will be more agile in meeting evolving customer requirements and our level of innovation and development can accelerate.”
Astronics expects the acquisition to be slightly accretive in 2012. KippsDeSanto & Co. acted as exclusive financial advisor to Max-Viz, Inc. on this transaction.
ABOUT MAX-VIZ, INC.
Max-Viz, a wholly-owned subsidiary of Astronics Corporation, designs and markets real-time Enhanced Vision Systems for turbine and piston fixed and rotary wing aircraft. The systems use infrared sensors, signal processing, and advanced cockpit display to show terrain, runways, taxiways, aircraft and obstacles in poor visibility conditions including light fog, haze, smoke, brown/whiteout, light precipitation and darkness. Max-Viz Enhanced Vision Systems are small, reliable and affordable. For more information go to www.max-viz.com.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power, avionics databus products and automated test systems for the global aerospace and defense industries. Astronics’ strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp., Ballard Technology, Inc., DME Corporation, Luminescent Systems, Inc. and Max-Viz, Inc., have a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its website at www.astronics.com.