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Astronics to Buy EADS NA’s Test, Services Business for $53M; Peter Gundermann Comments

acquisitionAstronics Corp. (NASDAQ: ATRO) has agreed to buy Airbus Group Inc.’s (formerly EADS North America) test and services business for nearly $53 million in cash.

EADS T&S will operate within Astronics’ test systems segment after the transaction is completed in February, which is subject to regulatory approval and other closing conditions, Astronics said Tuesday.

Peter Gundermann, CEO of Astronics, said the acquisition is intended to further build up Astronics’ skill set.

Irvine, Calif.-based EADS T&S develops automatic test systems, subsystems and instruments for semi-conductor, consumer electronics, commercial aerospace and defense customers.

The business generated nearly $70 million in sales in 2013 and projects $100 million in sales growth for 2014.

Houlihan Lokey served as Airbus Group Inc.’s financial advisor for the transaction.

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