Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global provider of microelectronic components and test and measurement equipment, today announced it and the U.S. Marine Corps. continue to work very closely together to expedite the Corps’ final approval for delivery of Aeroflex’s Ground Radio Maintenance Automatic Test System (“GRMATS”) order. This shipment represents a $16 million initial release under a $40.5 million contract award. GRMATS is a digital, software-defined automatic radio test system based on the Aeroflex 7200 platform, which will be used for test and diagnostic functions for both current and future software-defined, tactical radios. As a result of Aeroflex’s work on GRMATS, the Aeroflex 7200 will be capable of testing the next generation of radios, such as JTRS for the U.S. military. “We have been working with senior officers in the U.S. Marine Corps. to ensure the efficient performance of this contract,” said Len Borow, Chief Executive Officer of Aeroflex. “Our relationship with the U.S. Marine Corps. is strong. Successful delivery has always been Aeroflex’s responsibility and we are committed to making sure our troops have the best tools available to meet their performance requirements.” About Aeroflex Aeroflex Holding Corp. is a leading global provider of microelectronic components and test and measurement equipment used by companies in the space, avionics, defense, commercial wireless communications, medical and other markets. Forward-looking Statements All statements other than statements of historical fact included in this press release regarding Aeroflex’s business strategy and plans and objectives of its management for future operations are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to Aeroflex or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of Aeroflex’s management, as well as assumptions made by and information currently available to its management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, adverse developments in the global economy; dependence on growth in customers’ businesses; the ability to remain competitive in the markets Aeroflex serves; the inability to continue to develop, manufacture and market innovative, customized products and services that meet customer requirements for performance and reliability; any failure of suppliers to provide raw materials and/or properly functioning component parts; the termination of key contracts, including technology license agreements, or loss of key customers; the inability to protect intellectual property; the failure to comply with regulations such as International Traffic in Arms Regulations and any changes in regulations; the failure to realize anticipated benefits from completed acquisitions, divestitures or restructurings, or the possibility that such acquisitions, divestitures or restructurings could adversely affect Aeroflex; the loss of key employees; exposure to foreign currency exchange rate risks; and terrorist acts or acts of war. Such statements reflect the current views of management with respect to the future and are subject to these and other risks, uncertainties and assumptions. Aeroflex does not undertake any obligation to update such forward-looking statements. Any projections in this release are based on limited information currently available to Aeroflex, which is subject to change. Although any such projections and the factors influencing them will likely change, Aeroflex will not necessarily update the information, since Aeroflex will only provide guidance at certain points during the year.
Aeroflex (ARX) surged more than 25% to a one-year high of $10.47 on Tuesday after British aerospace and defense supplier Cobham announced it would purchase the U.S. communications equipment manufacturer for $920 million.
Acquisitive U.K. aerospace company Cobham on Tuesday agreed to buy Plainview, N.Y-based Aeroflex Holding for $1.5 billion in cash and debt to further expand its communications business and offer new markets for the target's products.
Shares of Aeroflex Holding (ARX) are up over 24% in pre-market trade after it was announced that the wireless communications firm entered into a merger agreement with U.K.-listed Cobham in a deal valued at $920 million.