Astronics Corporation and Thales Avionics Sign Multi-Year Agreement for EmPOWER® In-Seat Power Systems
EAST AURORA, N.Y.--(BUSINESS WIRE)-- Astronics Corporation (NASDAQ: ATRO), a leader in advanced, high-performance lighting, electrical power, avionics databus interfaces, and automated test systems for the global aerospace and defense industries, today announced that its wholly-owned subsidiary, Astronics Advanced Electronic Systems Corp. (AES), signed a multi-year agreement with Thales Avionics, Inc. to provide Astronics’ world leading EmPOWER® In-Seat Power Systems and other power conversion product lines for integration with Thales’ In-Flight Entertainment and Connectivity (IFEC) Systems on all major aircraft platforms including B787 and A350.
Peter J. Gundermann, President and CEO of Astronics Corp., commented, “We believe that our intelligent power control, distribution and conversion systems are excellent complements for Thales Avionics’ innovative IFEC technology. We recognize this agreement as a testament of their confidence in our capabilities to consistently provide highly reliable, low weight power solutions and outstanding customer service. Strategically, we continue to innovate and develop new products in order to build our content value on aircraft.”
Astronics began providing EmPOWER® products to Thales in 2007 under various commercial agreements. Since then, Astronics has developed multiple, unique power products to fulfill Thales IFEC system requirements.
For more than 15 years, Astronics has developed innovative intelligent power management systems. The patented EmPOWER® System is currently in service with over 150 Airline/OEM customers at more than 500,000 seat locations.
Thales is a global technology leader for the Defense & Security and the Aerospace & Transport markets. In 2011, the company generated revenues of €13 billion (equivalent of $18.2 billion) with 68,000 employees in more than 50 countries. With its 22,500 engineers and researchers, Thales has a unique capability to design, develop and deploy equipment, systems and services that meet the most complex security requirements. Thales has an exceptional international footprint, with operations around the world working with customers as local partners. For more information about Thales In-Flight Entertainment and Connectivity Systems visit www.thales-ifec.com.
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting, electrical power, avionics databus interfaces, and automated test systems for the global aerospace and defense industries. Astronics’ strategy is to develop and maintain positions of technical leadership in its chosen aerospace and defense markets, to leverage those positions to grow the amount of content and volume of product it sells to those markets and to selectively acquire businesses with similar technical capabilities that could benefit from our leadership position and strategic direction. Astronics Corporation, and its wholly- owned subsidiaries, Astronics Advanced Electronic Systems Corp., Ballard Technology, Inc., DME Corporation and Luminescent Systems Inc., have 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 Web site at www.Astronics.com.
For more information on Astronics and its products, visit its Web site 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 and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company's products, 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.
David C. Burney, 716-805-1599, ext. 159
Chief Financial Officer
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
Source: Astronics Corporation
Released May 24, 2012