Astronics Corporation Completes Acquisition of PECO Inc. and Amends Senior Credit Facilities

Astronics Corporation Completes Acquisition of PECO Inc. and Amends Senior
Credit Facilities

EAST AURORA, N.Y., July 18, 2013 (GLOBE NEWSWIRE) -- Astronics Corporation
(Nasdaq:ATRO) ("Astronics"), a leading provider of advanced technologies for
the global aerospace and defense industries, announced today that it has
completed the acquisition of the outstanding shares of PECO Inc. (PECO). The
purchase price of approximately $136 million in cash was financed by an
amendment to Astronics' senior credit facilities, replacing the Company's
previously existing revolving credit line and senior term note. 

Astronics' amended senior credit facilities provide for a $75 million
five-year revolving credit facility and a $190 million five-year term loan,
both expiring in June 2018.The amended facilities carry an interest rate
ranging from 225 basis points to 350 basis points above LIBOR, depending on
the Company's leverage ratio.Availability under the facilities, which are
secured by substantially all of the Company's assets, is subject to certain
financial and other covenants typical for these types of facilities.Funds
from the term loan financed the PECO closing and provide liquidity for general
corporate purposes, includinga possible election under IRS code section 338
(h)(10) pertaining to PECO that will allow the Company to deduct the
amortization of acquired goodwill and other intangible assets from taxable
income.The make whole provision of this election would require additional
consideration to be paid to the sellers.

David C. Burney, Executive Vice President and CFO of Astronics, commented
regarding the refinancing, "Expansion of our credit facilities is a testament
to the strength of Astronics' capital structure and our commitment to further
execution of our strategy. After considering various options, the senior
secured credit market was deemed to be the best alternative at this time for
Astronics."

PECO, located in Portland, Oregon, designs and manufacturers highly engineered
commercial aerospace interior components and systems for the aerospace
industry.The company specializes in Passenger Service Units (PSUs) which
incorporate air handling, emergency oxygen, electrical power management and
cabin lighting systems.It also manufactures a wide range of fuel access doors
that meet stringent strength, fuel sealing and anti-corrosion
requirements.PECO enjoys a longstanding relationship with many aerospace
customers, including The Boeing Company, for which it provides a variety of
products across its line of commercial airliners.

Astronics had previously announced that it entered into a definitive agreement
to acquire PECO on May 28, 2013.

About Astronics Corporation

Astronics Corporation is a leader in advanced, high-performance lighting,
electrical power 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
www.astronics.com.

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,
the availability of opportunities for growth 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.

CONTACT: Company:
         David C. Burney, Chief Financial Officer
         Phone: (716) 805-1599, ext. 159
         Email: david.burney@astronics.com
        
         Investor Relations:
         Deborah K. Pawlowski, Kei Advisors LLC
         Phone: (716) 843-3908
         Email: dpawlowski@keiadvisors.com

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