Astronics Test Systems to Provide Major Test Program for Transportation Industry
Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace, defense and semiconductor industries, announced today that its wholly owned subsidiary Astronics Test Systems, has entered into a formal letter of intent (“LOI”) to provide a test system program for a customer in the transportation industry. The LOI provides for an anticipated program value of approximately $30 million with additional options for up to a total value of approximately $50 million over the next five years.
Astronics expects to finalize the remaining terms of the contract and receive a formal contract award within 60 days. In the meantime, systems design and development will begin.