© alphaspirit-dreamstime.com Electronics Production | September 04, 2013
Sparton Completes acquisition of Aydin Displays
Sparton Corporation's wholly owned subsidiary, Sparton Aydin, has completed the transaction to acquire certain assets and liabilities of Aydin Displays.
“The addition of Aydin Displays meets one aspect of our growth strategy by providing engineered product content to further enhance our capabilities within the electromechanical value stream as well as providing lead generation opportunities for our contract services business,” stated Cary B. Wood, president and chief executive officer of Sparton. “Additionally, Aydin’s products are an integral part of the P8A program, as are our sonobuoy products. We also believe we will be able to enhance the solutions selling approach of both Aydin Displays and our Defense & Security Systems business segment to the Department of Defense and other prime defense contractors, as well as key customers located across the globe.” The transaction was funded through Sparton’s existing cash balances and borrowings under the credit facility currently in place with BMO Harris Bank.