- Astronics Corporation announced the acquisition of the main operating subsidiaries of Diagnosys Test Systems, a provider of test solutions for the transit and defence markets.
- Diagnosys develops and manufactures automated test equipment (ATE) and provides testing, support and repair services for electronic, electromechanical, pneumatic and printed circuit boards of high added value for the public transport and defence sectors.
Astronics acquired 100% of the equity of Diagnosys’ three main operating subsidiaries, Diagnosys Holdings, Inc., Diagnosys Ferndown Limited and Diagnosys Electronics (I) Private Limited, for $7 million in cash. The terms of the acquisition provide for an earn-out of up to $13 million over the next three years, based on new order levels of more than $70 million during this period.
“This acquisition strengthens our position in the fast-growing public transport testing market and allows us to provide component testing solutions for our aerospace and defence activities,” said Peter J. Gundermann, President and CEO of Astronics.
The acquired company operates in Westford, Massachusetts, and Ferndown, England, and has a centre of engineering excellence in Bangalore, India. Diagnosys has about 120 employees. Founded in 2008, the company offers automatic test equipments and test benches for the support and maintenance of high value-added electronic cards and modules operating in sectors where reliability is essential.
Diagnosys also provides a range of services such as the overhaul and repair of electronic systems. Its sales for the twelve-month period ended September 30, 2019, were approximately $9 million.