Astro-Med, Inc. Completes Acquisition of Miltope Aerospace Printer Business
(Marketwire Via Acquire Media NewsEdge) WEST WARWICK, RI -- (Marketwired) -- 02/12/14 --
Astro-Med, Inc. (NASDAQ: ALOT), a leading provider of advanced technology printing and data acquisition systems, announced that the acquisition of Miltope Corporation's line of ruggedized aerospace printers was completed on January 22, 2014 for approximately $6.7 million. The acquisition was funded from cash on hand.
Astro-Med had previously announced that it entered into a definitive agreement to acquire Miltope's aerospace printer business on January 13, 2014.
The Miltope line of printers expands Astro-Med's product portfolio of ruggedized printers designed for use in aviation to include several models of both wide and narrow format printers. In addition the acquisition significantly strengthens Astro-Med's global geographic footprint through the addition of a number of airline contracts, from leading airlines in the Americas, Asia and Europe.
"We are excited for the opportunity to work with more airlines from across the globe," said Thomas W. Carll, Astro-Med Vice President and Worldwide Director of Sales. "We welcome Miltope customers to the Astro-Med flight deck printer family."
The manufacture of Miltope printers, including the popular NP4840, TP4429 and TP4840, will transition to Astro-Med's factory in West Warwick, Rhode Island within six months.
To learn more about Astro-Med's aerospace printers, please visit: http://www.astro-med.com/ruggedized_products/high_speed_printers.
About Astro-Med, Inc.
Astro-Med has been designing and manufacturing ruggedized aerospace printers for more than a decade. These ruggedized printers and related ruggedized Ethernet switches, which are part of our Test & Measurement Group, are used in the most demanding military and commercial environments, including airborne, shipboard, and ground vehicle applications. Astro-Med is currently furnishing airborne printers for the Airbus A380 and A400M, the Boeing C-17, B-787, B-777, B-747, the Lockheed C-130 and the Bombardier 5000/6000 aircraft. Astro-Med is certified to AS9100, the quality management system specifically designed for manufacturers of aerospace industry products. Astro-Med is proud to manufacture in Rhode Island, USA. Additional information about Astro-Med's ruggedized printer products is available at http://www.astro-med.com/ruggedized_products.
Safe Harbor Statement
This news release contains forward-looking statements, and actual results may vary from those expressed or implied herein. Factors that could affect these results include those mentioned in Astro-Med's FY2013 annual report and its annual and quarterly filings with the Securities and Exchange Commission.
Thomas W. Carll
Source: Astro-Med, Inc.
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