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© tamas ambrits dreamstime.com Business | February 15, 2019

Astronics completes sale of semiconductor system level test technology

Astronics Corporation, a provider of technologies for the global aerospace, defense, and semiconductor industries, has closed its previously announced sale of the intellectual property and certain assets associated with its semiconductor test product line to Advantest Corporation.

The terms of the transaction were renegotiated due to a change in business conditions related to the product line. The new terms include an upfront payment of USD 100 million in cash, plus a potential earn-out payment of up to USD 35 million based on certain performance milestones over the next 4 years. This compares with the previously announced USD 185 million purchase price, plus an earn-out payment of up to USD 30 million based on certain performance milestones. The renegotiated sales agreement does not include a manufacturing service contract as previously announced. Peter J. Gundermann, President and CEO of Astronics, comments in a press release, “We have strong confidence in Advantest’s ability to further the adoption of these solutions across the semiconductor industry and expect that the team and competencies we have developed will achieve new highs under their ownership. We will continue to develop and advance our aerospace & defense test solutions while employing our multi-system test software capabilities in a variety of applications.”
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September 13 2019 2:28 pm V14.3.11-1