Sparton Purchases Aydin Displays
Sep 09, 2013 (Close-Up Media via COMTEX) --
Sparton Corp. announced that on August 30, its subsidiary, Sparton Aydin, completed the transaction to acquire certain assets and liabilities of Aydin Displays, Inc., an $18 million revenue business, in an all-cash transaction.
Aydin Displays, Inc., a subsidiary of Video Display Corp., located in Birdsboro, Pennsylvania, develops enhanced flat panel display and touch-screen solutions with application-critical performance criteria for the Military & Aerospace and Civil Marine. These products are currently specified in the P8A behind-the-cockpit control center, the command and control centers of many U.S. Navy ships, FAA air traffic control systems, and cockpit command centers for various civil marine applications. Once the transaction is complete, the company will continue to operate as Aydin Displays.
"The addition of Aydin Displays meets one aspect of our growth strategy by providing engineered product content to further enhance our capabilities within the electromechanical value stream as well as providing lead generation opportunities for our contract services business," stated Cary B. Wood, president and chief executive officer of Sparton. "Additionally, Aydin's products are an integral part of the P8A program, as are our sonobuoy products. We also believe we will be able to enhance the solutions selling approach of both Aydin Displays and our Defense & Security Systems business segment to the Department of Defense and other prime defense contractors, as well as key customers located across the globe."
According to the Company, the transaction was funded through Sparton's existing cash balances and borrowings under the credit facility currently in place with BMO Harris Bank.
Sparton Corp. is a provider of complex electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution, field service, and refurbishment.
Aydin Displays is a provider in display manufacturing technology, servicing the industrial, military and air traffic control industries.
((Comments on this story may be sent to firstname.lastname@example.org))
[ Back To Technology News's Homepage ]