EAST AURORA, N.Y.--(BUSINESS WIRE)--Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace, defense and semiconductor industries, announced today that its wholly owned subsidiary Astronics Test Systems, has entered into a formal letter of intent (“LOI”) to provide a test system program for a customer in the transportation industry. The LOI provides for an anticipated program value of approximately $30 million with additional options for up to a total value of approximately $50 million over the next five years.
Astronics expects to finalize the remaining terms of the contract and receive a formal contract award within 60 days. In the meantime, systems design and development will begin.
“The selection of our test system solutions for this application is a testament to the technical competency and engineering excellence of our test business,” stated Peter J. Gundermann, President and CEO of Astronics Corporation. “This win demonstrates the breadth of our expertise for diverse applications and a growing base of customers.”
Astronics Test Systems leverages nearly 60 years of experience to offer automatic test expertise to electronics manufacturers in the aerospace, military, semiconductor, medical, space, mass transit, and automotive industries. Astronics’ test solutions ensure the world’s most advanced electronic products perform as designed, every time.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq: ATRO) serves the world’s aerospace, defense and semiconductor industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, military branches, completion centers, and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics.
For more information on Astronics and its solutions, visit Astronics.com.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words “expect,” “anticipate,” “plan,” “may,” “will,” “estimate” or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially from what may be stated here include the state of the aerospace, defense, consumer electronics and semiconductor industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes and delivery schedules, the demand for and market acceptance of new or existing aircraft which contain the Company’s products, the need for new and advanced test and simulation equipment, customer preferences and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
