Aeroflex Ships GRMATS Units To The U.S. Marine Corps.
Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global
provider of high performance microelectronic components and test and
measurement equipment, today announced it has shipped all of the Ground
Aeroflex Holding Corp. ("Aeroflex") (NYSE: ARX), a leading global provider of high performance microelectronic components and test and measurement equipment, today announced it has shipped all of the Ground Radio Maintenance Automatic Test Systems (“GRMATS”) to the U.S. Marine Corps under the $16.1 million initial release of its $40.5 million indefinite delivery indefinite quantity (“IDIQ”) contract. Approximately $11 million in sales will be recognized in Aeroflex’s second fiscal quarter ending December 31, 2011 with the balance of the initial release to be recognized early in Aeroflex’s fiscal third quarter ending March 31, 2012. Aeroflex is revising its fiscal second quarter net sales guidance to the high end of its previously announced range of $160 million to $170 million, to $165 million to $170 million. “The outstanding support and dedication of the U.S. Marine Corps has been crucial in helping us complete the approval process for shipping the GRMATS units,” said Len Borow, Chief Executive Officer of Aeroflex. “The U.S. Marine Corps is an extremely important customer and this process has allowed us to strengthen and deepen that relationship. We look forward to continuing our partnership with the U.S. Marine Corps, as well as other branches of the U.S. military by providing them with state-of-the-art testing solutions.” 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 software defined radios regardless of the manufacturer. About Aeroflex Aeroflex Holding Corp. is a leading global provider of high performance microelectronic components and test and measurement equipment used by companies in the space, avionics, defense, commercial wireless communications, medical and other markets.
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.