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Astronics Corporation Announces Acquisition Of PECO Inc.

EAST AURORA, N.Y., May 28, 2013 (GLOBE NEWSWIRE) -- Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace and defense industries, today announced that it has entered into a definitive agreement to acquire the outstanding shares of PECO Inc. (PECO) for approximately $136 million in cash. The agreement is expected to close in late June 2013, and is subject to certain conditions, including a review under the Hart-Scott-Rodino Antitrust Improvements Act and the successful arrangement of debt financing by Astronics.

PECO, located in Portland, Oregon, designs and manufacturers highly engineered commercial aerospace interior components and systems for the aerospace industry. The company specializes in Passenger Service Units (PSUs) which incorporate air handling, emergency oxygen, electrical power management and cabin lighting systems. It also manufactures a wide range of fuel access doors that meet stringent strength, fuel sealing and anti-corrosion requirements. PECO enjoys a longstanding relationship with many aerospace customers, including The Boeing Company, for which it provides a variety of products across its line of commercial airliners.

"We believe PECO is an excellent strategic fit with Astronics. PECO is a leader in the critical equipment it designs and manufactures and has successfully established a number of positive relationships with aerospace customers. We believe that Astronics will be able to both strengthen and benefit from those solid relationships," stated Peter J. Gundermann, President and CEO of Astronics. "We are excited to welcome the PECO team to Astronics. We expect the combination of world class capabilities from both organizations will serve to further our mutual goals."

PECO had 2012 sales of $77.8 million and has projected 2013 sales of approximately $83 million, with adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margins consistent with Astronics' past performance.  Excluding one-time acquisition related charges the acquisition is expected to be accretive to earnings in 2013. PECO employs approximately 240 people.

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