Astronics Acquires Leading Provider of PCB Testing Solutions, Diagnosys

https://cdn.pcbdirectory.com/uploads/FILE-diagwall-637062166703399069.jpg712370

Leading advanced technology solutions provider, Astronics Corporation, has acquired the primary operating subsidiaries from mass transit and defense market test solution provider, Diagnosys Test Systems Limited (Diagnosys). Diagnosys is a developer and manufacturer of comprehensive automated test equipment (ATE) providing test, support, and repair of high value electronics, electro-mechanical, pneumatic and printed circuit boards (PCBs) focused on the global mass transit and defense markets. 

Astronics has acquired 100% of the equity of the three primary operating subsidiaries of Diagnosys, which are Diagnosys Holdings, Inc., Diagnosys Ferndown Limited and Diagnosys Electronics (I) Private Limited for $7 million in cash. The terms of the acquisition allow for a potential earn-out of up to an additional $13 million over the next three years based on achievement of new order levels of over $70 million during that period.

According to Peter J. Gundermann, Chairman, President, and Chief Executive Officer commented, Diagnosys is a leader in test solutions with a heavy focus on mass transit and defense markets, which is very much aligned with the strategy of Astronics’ Test segment. The acquisition gives Astronics a strong position in the growing mass transit test market as well as providing component-level solutions to the aerospace & defense test business. Diagnosys’ advanced technologies and customer base will provide Astronics with opportunities for continued growth into mission-critical test markets by enabling them to offer a broader range of solutions to customers.

The acquired business has operations in Westford, Massachusetts as well as Ferndown, England, and an engineering center of excellence in Bangalore, India. Diagnosys has approximately 120 employees. Founded in 2008, the company offers complete ATE and bench test equipment solutions for support and maintenance of high value electronic circuit boards and modules in mission-critical reliability sectors. It also provides an extensive range of service capabilities, including the overhaul and repair of electronics systems. Sales for the trailing twelve months ended September 30, 2019 were approximately $9.0 million.