By DE Editors
Astronics announced that it completed the acquisition of PGA Electronic (“PGA”) on Dec. 5, 2013, for approximately $31.2 million. Approximately $17.5 million of the purchase price was paid in cash and the balance was paid by the issuance of 264,168 shares of Astronics common stock with a market value at the time of closing of $13.7 million.
Astronics had previously announced that it entered into a definitive agreement to acquire PGA Electronic on Nov. 4.
PGA Electronic was established in 1989 and has about 190 employees. PGA designs and manufactures seat motion and lighting systems, primarily for business and first class aircraft seats, and is a provider of in-flight entertainment/communication systems, as well as cabin management systems for private VVIP aircraft. Its customers are primarily aircraft seat manufacturers and corporate jet completion centers. Approximately 90 percent of PGA’s sales are in Europe. For its fiscal year 2013, which ended Aug. 31, PGA had sales of approximately $44 million. The business generates margins similar to those of Astronics.
For more information, visit Astronics.
Sources: Press materials received from the company and additional information gleaned from the company’s website.