Astronics Corporation Selected to Supply Passenger Service Units for Boeing 777X Aircraft
EAST AURORA, N.Y., Sept. 2, 2015 (GLOBE NEWSWIRE) -- Astronics Corporation (NASDAQ:ATRO), a leading supplier of products to the global aerospace, defense, consumer electronics and semiconductor industries, announced today that it has been selected to supply the Passenger Service Units (PSU) on the new family of long-range Boeing 777X aircraft. The award is subject to the execution of a final purchase agreement.
Mr. Peter J. Gundermann, President and Chief Executive Officer of Astronics, commented, "We have had a long-standing relationship with Boeing on the 777 platform, and we are excited to participate on the 777X. We appreciate the confidence Boeing has expressed in us and look forward to our product contributing to the cabin innovations and improved passenger comfort levels Boeing plans for the 777X."
Production of the 777X, the largest and most efficient twin-engine jet in the world, will begin in 2017. There currently are 320 orders and commitments for the aircraft. The cabin interior will include larger windows, a wider cabin, new lighting and enhanced architecture, including the Astronics PSU.
About Astronics Corporation
Astronics Corporation (NASDAQ:ATRO) is a leading supplier of products to the global aerospace, defense, consumer electronics and semiconductor industries. Astronics' products include advanced, high-performance electrical power generation and distribution systems, lighting and safety systems, avionics products, aircraft structures, engineering design and systems certification, and automated test systems. Astronics' strategy is to increase its value by developing technologies and capabilities, either internally or through acquisition, and using those capabilities to provide innovative solutions to its targeted markets and other markets where its technology can be beneficial. Astronics Corporation, through its wholly-owned subsidiaries, has a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its website at www.astronics.com
For more information on Astronics and its products, visit its website at www.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 include the state of the aerospace, defense, 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.
CONTACT: For more information, contact: Company: David C. Burney, Chief Financial Officer Phone: (716) 805-1599, ext. 159 Email: firstname.lastname@example.org Investor Relations: Deborah K. Pawlowski, Kei Advisors LLC Phone: (716) 843-3908 Email: email@example.com
Released September 2, 2015