United Industrial Subsidiary AAI Corporation Acquires Test Systems Manufacturer Symtx, Expanding Opportunities in Aerospace and
29 11월 2006 - 7:19AM
PR Newswire (US)
HUNT VALLEY, Md., Nov. 28 /PRNewswire-FirstCall/ -- United
Industrial Corporation (NYSE:UIC) announced today that its wholly
owned subsidiary AAI Corporation has completed the acquisition of
Symtx, Inc., a leading producer of automated test equipment. The
purchase price was $34.3 million in cash with the potential for an
additional payment of up to $5 million based upon the achievement
of certain financial targets in 2007. Based in Austin, Texas, Symtx
is a leader in the design and manufacture of high-performance
functional test solutions for mission-critical electronic systems.
Symtx's customers include most of the major defense and aerospace
prime contractors, and the U.S. military. "The acquisition of Symtx
is consistent with our strategic plan," said United Industrial
President and Chief Executive Officer Frederick M. Strader. "AAI
has a robust test business providing automated test systems for
military aircraft. Symtx brings AAI additional customers and
distribution channels for supplying test equipment and support
services to DoD prime contractors. Symtx also provides AAI with new
market opportunities as a major supplier of satellite test
equipment to major military satellite manufacturers." In the 12
months ended September 30, 2006, Symtx realized revenues of $36.3
million. Symtx is expected to be accretive to United Industrial's
results of operations in 2007. Symtx and its 169 employees will
continue to be based in Austin, Texas, and will operate as a wholly
owned subsidiary of AAI Corporation. Symtx test systems have been
selected for use in the development and production of several new
and emerging major U.S. military and civil aviation programs,
including the F-35 Lightning II Joint Strike Fighter, the U.S.
Navy's F/A-18 Hornet aircraft, the Global Hawk unmanned aircraft
system, the U.S. military's next-generation Joint Tactical Radio
System, and several significant classified satellite payload
programs. Jefferies Quarterdeck, a division of Jefferies &
Company, acted as exclusive financial advisor to the seller. United
Industrial Corporation designs, produces, and supports defense
systems. Its products and services include unmanned aircraft
systems, training and simulation systems, automated aircraft test
and maintenance equipment, armament systems, logistical and
engineering services, and other leading-edge technology solutions
for defense needs. The company also manufactures combustion
equipment for biomass and refuse fuels. For more information, visit
http://www.unitedindustrial.com/, http://www.aaicorp.com/, and
http://www.symtx.com/. Except for the historical information
contained herein, information set forth in this news release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and variations of such words and similar expressions
that indicate future events and trends are intended to identify
such forward-looking statements, which include, but are not limited
to, projections of revenues, earnings, segment performance, cash
flows, and contract awards. These forward-looking statements are
subject to risks and uncertainties, including without limitation,
program cancellations and changes in program funding, which could
cause the company's actual results or performance to differ
materially from those expressed or implied in such statements. The
company makes no commitment to update any forward-looking statement
or to disclose any facts, events, or circumstances after the date
hereof that may affect the accuracy of any forward-looking
statement. For additional information about the company and its
various risk factors, please see the company's most recent annual
report on Form 10-K and other reports as filed with the Securities
and Exchange Commission. DATASOURCE: United Industrial Corporation
CONTACT: IR Contact: Stuart F. Gray, +1-410-628-8686, ; or Media
Contact: Sharon C. Corona, +1-410-628-3184, , both of AAI
Corporation Web site: http://www.unitedindustrial.com/
http://www.aaicorp.com/ http://www.symtx.com/ Company News On-Call:
http://www.prnewswire.com/comp/113559.html
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