Astronics [ATRO] on Monday said it has completed its purchase of Airbus Group’s Test and Services (T&S) division for $53 million in cash, giving it new test capabilities and access to new markets.
In addition to the cash payment, terms of the deal include a preliminary net working capital adjustment of $17 million.
The Airbus T&S business is based in California has about 210 employees and provides highly engineered automatic test systems, subsystems and instruments for the semiconductor, consumer electronics, commercial aerospace and defense industries. Its brands include Racal and Talon.
Astronics said in January when it announced its plans to acquire the Airbus Group division that Test and Services had sales of about $70 million in 2013 with expectations of about $100 million this year. More than half of T&S sales are commercial-related.
The T&S business will be reported in Astronics’ Test Systems segment.