Astronics to use revolver borrowings to fund Telefonix acquisition

By Sarah Lizee

Olympia, Wash., Oct. 27 – Astronics Corp. will use borrowings under its senior revolving credit facility to fund its acquisition of Telefonix for about $104 million in cash, according to a press release.

On Friday, the company said it entered into a definitive agreement to acquire substantially all of the assets of Telefonix Inc. and a related company, Product Development Technologies, LLC.

The acquisition is expected to close by year-end and is subject to typical closing conditions.

Astronics is a supplier of products to the aerospace and defense industries and is based in East Aurora, N.Y.

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