Astronics Corporation Augments FAA Certification Services with Acquisition of Envoy Aerospace
This strategic acquisition enhances Astronics' capabilities in aircraft connectivity, in-seat power, and cabin modifications. FAA Organizational Designation Authorization (ODA) streamlines the process of obtaining FAA Supplemental Type Certificates (STCs) and Parts Manufacturer Approvals (PMAs) for Astronics' products and systems. This added capability positions Astronics to benefit from pent-up demand for aircraft modifications for connectivity, cabin reconfigurations, and lease returns, in a time when ODA services availability is limited. The transaction is valued at approximately $8 million and includes the addition of nine Envoy Aerospace employees to the Astronics team.
Envoy Aerospace, a long-standing and highly experienced ODA, has built a strong reputation based on trust and exceptional service in aircraft and rotorcraft type certification solutions. Envoy Aerospace specializes in helping clients obtain U.S. FAA STCs for major design changes, providing design approvals for new product PMAs, and assisting clients in foreign type approval of their modification programs. Ongoing and future Envoy programs will remain a focus as Astronics integrates the team and capabilities into its broader operations.
'Envoy Aerospace's extensive experience and trusted reputation as an ODA make them a perfect fit for Astronics, supporting our strategic thrust for Inflight Entertainment and Connectivity,' said Mike Kuehn, President of Astronics Connectivity Systems and Certifications (CSC). 'This will enable dedicated access to ODA services for our collective Astronics and Envoy customers to obtain FAA STCs and PMAs for our products.'
'We're honored to welcome Envoy's talented team into the Astronics family and to build on their proven success. We value the relationships with current Envoy Aerospace customers and look forward to further strengthening these partnerships under the Astronics umbrella."
Adrian Honer, Partner at Envoy Aerospace, added, 'Envoy has worked with Astronics for more than two decades, making this partnership a natural next step. Joining the Astronics team aligns with our mission to advance aviation safety and innovation. We remain committed to delivering exceptional service in aircraft and rotorcraft type certification as we look to expand our capabilities and reach new milestones together. Together, we're excited to grow and further strengthen a highly skilled ODA services team.'
For more information on Astronics and its solutions, visit the Astronics website.
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq: ATRO) serves the world's aerospace, defense, and other mission critical industries with proven, innovative technology solutions. Astronics works side-by-side with customers, integrating its array of power, connectivity, lighting, structures, interiors, and test technologies to solve complex challenges. For over 50 years, Astronics has delivered creative, customer-focused solutions with exceptional responsiveness. Today, global airframe manufacturers, airlines, militaries, completion centers and Fortune 500 companies rely on the collaborative spirit and innovation of Astronics. The Company's strategy is to increase its value by developing technologies and capabilities that provide innovative solutions to its targeted markets.
For more information on Astronics and its solutions, visit Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding the anticipated benefits of the acquisition of Envoy Aerospace, including the expected impact on Astronics' ODA capabilities, product certification processes, customer relationships, and market opportunities in connectivity, in-seat power, and cabin modification. Forward-looking statements are typically identified by words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "estimate," and similar expressions. Such statements are based on the current expectations, estimates, and projections of management and involve assumptions and uncertainties that are difficult to predict. Actual results may differ materially due to a variety of factors, including, but not limited to, integration risks, changes in customer demand, the timing and execution of aircraft modification projects, regulatory approvals, global supply chain constraints, the health of the commercial aerospace market, and other risks detailed in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Astronics undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances
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