EAST AURORA, N.Y., 1 Aug. 2012. Astronics Corp. (NASDAQ:ATRO), a provider of advanced technologies for the global aerospace and defense industries, has acquired privately-held Max-Viz Inc., a developer and designer of enhanced vision systems (EVS) for fixed- and rotary-wing aircraft through OEM and aftermarket channels in the general aviation and commercial and military aerospace markets, for $10 million in cash.
Max-Viz’s EVS product line fuses infrared and visible imagery, allowing real-time display to pilots for increased visibility in adverse weather conditions, such as darkness, precipitation, fog, dust, and smoke. Founded in 2001 in Portland, Ore., Max-Viz achieved 2011 revenue of $5.4 million and a backlog of $3 million at the end of 2011; company officials project a 2012 full-year revenue in the range of $7 million to $8 million.
“They are a leading provider of EVS technology having earned FAA certification for installation on more than 200 different fixed-wing and rotary-wing aircraft models across various manufacturers. We expect that Max-Viz will continue its growth through innovation, quality and its solid pipeline of opportunities,” says Peter J. Gundermann, President and CEO of Astronics.
Additional purchase consideration of up to $8 million may be paid by Astronics if Max-Viz achieves certain revenue targets in 2013, 2014, and 2015.