Astronics Corporation completes acquisition of Telefonix Inc.

Astronics Corporation, a leading provider of advanced technologies for the global aerospace, defense, and semiconductor industries, announced that it completed the acquisition of substantially all of the assets of Telefonix Inc. and a related company, Product Development Technologies, LLC, (together as "Telefonix PDT") for approximately $104 million in cash on December 1, 2017. The acquisition was financed with Astronics' line of credit.

Astronics previously announced that it had entered into a definitive agreement to acquire Telefonix PDT on October 27, 2017.

Telefonix PDT, located in Waukegan and Lake Zurich, Illinois, designs and manufactures advanced in-flight entertainment and connectivity equipment, and provides industry leading design consultancy services for the global aerospace industry. The company's products include wireless access points, file servers, content loaders, passenger control units and cord reels, as well as engineering services for its customers.

The impact of the acquisition to earnings in 2017 is expected to be nominal. Astronics anticipates that Telefonix PDT will contribute approximately $70 million to $75 million in revenue in 2018 and that the acquisition will be accretive to earnings.