Astronics Corporation and Panasonic Avionics Corporation Sign Multi-Year
Agreement for Airbus A350 In-Seat Power Systems
EAST AURORA, N.Y., April 22, 2013 (GLOBE NEWSWIRE) -- Astronics Corporation
(Nasdaq:ATRO), a leading provider of advanced technologies for the global
aerospace and defense industries, today announced that its wholly-owned
subsidiary, Astronics Advanced Electronic Systems Corp. (AES), signed a
multi-year agreement with Panasonic Avionics Corporation (Panasonic) to
provide Astronics' world leading EMPOWER^® In-Seat Power Systems for
installation with Panasonic's In-Flight Entertainment and Connectivity (IFEC)
Systems on Airbus A350 aircraft.
"We are pleased that Panasonic has chosen to continue its long-standing
relationship with Astronics by selecting EMPOWER^® system products for
integration with their IFEC systems onboard A350 aircraft," said Peter J.
Gundermann, President and CEO of Astronics Corporation. "We look forward to
adding the A350 to the list of aircraft for which we provide highly reliable,
low weight power solutions and outstanding customer service to Panasonic."
Astronics began providing EMPOWER^® products to Panasonic in 2005 under
various commercial agreements. Since then, the parties have collaborated on
the design and development of multiple intelligent power supply systems used
to provide power to Personal Electronic Devices (PEDs) such as laptops, as
well as the IFE seat back displays and other electronic devices provided by
Panasonic in the cabin of commercial air transport aircraft. Such systems
assure high reliability and availability of IFE System functionality and allow
the passengers to connect their own portable device for work or pleasure.
For more than 15 years, Astronics has developed innovative intelligent power
management systems.The patented EMPOWER^® System is currently in service with
over 170 Airline/OEM customers at more than 500,000 seat locations.
ABOUT PANASONIC AVIONICS CORPORATION
Panasonic Avionics Corporation is the world's leading supplier of in-flight
entertainment and communication systems. The company's best-in-class
solutions, supported by professional maintenance services, fully integrate
with the cabin enabling airlines to deliver the ultimate travel experiences
with a rich variety of entertainment choices, resulting in improved quality
communication systems and solutions, reduced time-to-market and lower overall
Established in 1979, Panasonic Avionics Corporation, a U.S. corporation, is a
subsidiary of Panasonic Corporation of North America, the principal North
American subsidiary of Panasonic Corporation (NYSE: PC). Headquartered in Lake
Forest, California with over 3,100 employees and operations in 80 locations
worldwide, it serves over 200 customers worldwide and provides IFEC systems on
over 3,700 aircraft. For additional information, please visit
ABOUT ASTRONICS CORPORATION
Astronics Corporation is a leader in advanced, high-performance lighting,
electrical power, specialized avionics products and automated test systems for
the global aerospace and defense industries. Astronics' strategy is to develop
and maintain positions of technical leadership in its chosen aerospace and
defense markets, to leverage those positions to grow the amount of content and
volume of product it sells to those markets and to selectively acquire
businesses with similar technical capabilities that could benefit from our
leadership position and strategic direction. Astronics Corporation, and its
wholly-owned subsidiaries, Astronics Advanced Electronic Systems Corp.,
Ballard Technology, Inc., DME Corporation, Luminescent Systems Inc. and
Max-Viz, Inc., have a reputation for high-quality designs, exceptional
responsiveness, strong brand recognition and best-in-class manufacturing
practices. The Company routinely posts news and other important information
on its Web site at www.astronics.com.
For more information on Astronics and its products, visit its Web site at
Safe Harbor Statement
This news release contains forward-looking statements as defined by the
Securities Exchange Act of 1934. One can identify these forward-looking
statements by the use of the words "expect," "anticipate," "plan," "may,"
"will," "estimate" or other similar expressions. Because such statements apply
to future events, they are subject to risks and uncertainties that could cause
actual results to differ materially from those contemplated by the statements.
Important factors that could cause actual results to differ materially include
the state of the aerospace and defense industries, the market acceptance of
newly developed products, internal production capabilities, the timing of
orders received, the status of customer certification processes, the demand
for and market acceptance of new or existing aircraft which contain the
Company's products, customer preferences, and other factors which are
described in filings by Astronics with the Securities and Exchange Commission.
The Company assumes no obligation to update forward-looking information in
this news release whether to reflect changed assumptions, the occurrence of
unanticipated events or changes in future operating results, financial
conditions or prospects, or otherwise.
David C. Burney, Chief Financial Officer
Phone: (716) 805-1599, ext. 159
Deborah K. Pawlowski, Kei Advisors LLC
Phone: (716) 843-3908
Astronics Corporation logo
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