Posted on: 04 November 2013 by Mark Howells
Astronics Corporation (Astronics) has revealed its intent to acquire PGA Electronic (PGA) by entering into a definitive agreement valued at approximately $28.5 million.
The purchase price will be paid 60% in cash and 40% in Astronics stock. The deal is expected to close before year end, subject to customary closing conditions.
PGA, established in 1989 and located in Châteauroux, France, designs and manufactures seat motion and lighting systems primarily for business and first class aircraft seats. The company is also a specialist of in-flight entertainment and communication systems, as well as cabin management systems for private VVIP aircraft. Approximately 91% of PGA's sales are in Europe.
"The addition of PGA to Astronics deepens our reach into the European aircraft market while extending our lighting and power technologies,” explained Peter J. Gundermann, CEO of Astronics. “The acquisition complements well our other lighting, cabin electronics and communication capabilities."