EAST AURORA, NY -- Astronics Corporation announces that it has entered into a definitive agreement to purchase 100 percent of the stock of DME Corporation, a provider of weapons and communications test equipment, training and simulation devices and aviation safety solutions. DME, a privately-held company founded in 1976, has two operating divisions that employ about 350 employees including professional technicians and electrical, mechanical and software engineers. The company had unaudited revenue of approximately $86 million in 2008.
DME’s Orlando, FL-based Test, Training and Simulation Division, which represents approximately 80 percent of DME’s total revenue, designs, develops, manufactures, and maintains communications and weapons test systems and training and simulation devices for the U.S. Department of Defense and various branches of the armed forces, foreign military operations and prime defense contractors.
The Fort Lauderdale, FL-based Aviation Safety Division provides safety and survival products and airfield lighting, approach, and navigational lighting aids for commercial and government aviation markets. This division is a supplier to the FAA and airport authorities for approach lighting systems and precision approach path indicator lights. It also provides survival aviation products to major aircraft manufacturers and commercial airlines around the world.
"The addition of DME diversifies the products and technologies we currently offer and improves our market balance by increasing our military and defense content," says Peter J. Gundermann, President and CEO of Astronics. "We believe that this is an excellent strategic fit for us because of the parallels with our military and aerospace business and the experience that Astronics AES had in the electronics test equipment market prior to being acquired by Astronics in 2005. Like us, DME serves specific, well-defined markets and customers, provides highly-engineered products and has built a brand on quality, service and innovative designs. DME’s management and workforce have extensive experience and technical capabilities, strong relationships with their customers and a culture that we expect will be a great fit with ours."
The acquisition is scheduled to close on Jan. 30, 2009.
