Astronics Acquires Avionics Interface Solutions Supplier Ballard Technology, Inc

Astronics Corporation

today announced that it has acquired privately-held Ballard Technology, Inc., an Everett, WA company that designs and produces avionics interface solutions for defense and commercial aerospace applications. Astronics acquired all of the stock of Ballard for $24 million in cash. An additional purchase consideration of up to $5.5 million may be paid by Astronics if Ballard achieves certain revenue growth targets over each of the next five years. Founded in 1986, Ballard is projecting 2011 annual revenue of approximately $11.0 million, achieving a compound annual growth rate during the previous three years of over 20%. Ballard's databus products can be used anytime avionics systems on an aircraft are upgraded.