EAST AURORA, N.Y., 20 Aug. 2012. Astronics Corp. (NASDAQ:ATRO), a provider of global aerospace and defense technologies, has acquired Max-Viz Inc., a developer and designer of enhanced vision systems (EVS) for fixed- and rotary-wing aircraft, via OEM and aftermarket channels in the general aviation, commercial aviation, military aviation, and aerospace markets for $10 million in cash.
Max-Viz’s EVS product line combines infrared and visible imagery providing pilots real-time display for increased visibility in adverse weather conditions, such as darkness, precipitation, fog, dust and smoke.
An 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.
Max-Viz, founded in 2001 in Portland, Ore., is projected to achieve a 2012 full-year revenue of $7 million to $8 million.
“The Max-Viz acquisition fits well with our strategy to broaden our product and technology offerings to the aerospace and defense industry,” says Peter J. Gundermann, president and CEO of Astronics. “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.”
“Going forward as an Astronics’ company, we believe the operation will be more agile in meeting evolving customer requirements and our level of innovation and development can accelerate,” Max-Viz president and CEO Elliott Troutman says.