9 December 2013
Astronics Corp. (NASDAQ: ATRO) said that it has bought PGA Electronic for approximately USD31.2m.
Approximately USD17.5m of the purchase price was paid in cash and the balance was paid by the issuance of 264,168 shares of Astronics common stock with a market value at the time of closing of USD13.7m.
Astronics had previously announced that it entered into a definitive agreement to acquire PGA Electronic on November 4, 2013.
PGA Electronic, located in Chateauroux, France, was established in 1989 and designs and manufactures seat motion and lighting systems, primarily for business and first class aircraft seats.
Astronics is a leader in advanced, high performance lighting, electrical power and automated test systems for the global aerospace and defense industries. For more information on Astronics and its products, visit its Web site at: www.Astronics.com.