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Electronics Production |
Orbit International to acquire Panel Products, Inc.
Orbit International has entered into a definitive agreement to acquire the business of Panel Products, Inc. of Carson, California.
The transaction, which is structured as a purchase of assets, and is subject to certain specified closing conditions, is expected to close on or about December 31, 2021. In connection with the transaction, Orbit has formed a new subsidiary, Simulator Product Solutions LLC, which will be majority owned by Orbit, with a minority equity interest to be held by Panel, a press release reads. It is intended that Nabil Radi, the founder of Panel, will continue his leadership of Panel’s business as President of Orbit’s newly formed subsidiary. In addition, Orbit intends to keep Panel’s operation in the Carson, Long Beach area. The transaction is expected to be accretive to earnings in fiscal 2022 and is being funded substantially from Orbit’s cash on hand. Panel Products, Inc. designs, manufactures and sells globally, military simulation and training bezels, electronic control assemblies, multi-function displays, and ancillary products and related software solutions.