Sparton Completes Acquisition of Aydin Displays, Inc.
*Acquisition Expected to Provide $18 Million in Annual Revenue
*Adds Engineered Product Content of Enhanced Flat Panel Display and
SCHAUMBURG, Ill. -- September 3, 2013
Sparton Corporation (NYSE:SPA) announces that on August 30, 2013, its wholly
owned subsidiary, Sparton Aydin, LLC completed the transaction to acquire
certain assets and liabilities of Aydin Displays, Inc., an $18 million revenue
business, in an all-cash transaction.
Aydin Displays, Inc., a subsidiary of Video Display Corp. (NASDAQ:VIDE),
located in Birdsboro, Pennsylvania, develops enhanced flat panel display and
touch-screen solutions with application-critical performance criteria for the
Military & Aerospace and Civil Marine. These products are currently specified
in the P8A behind-the-cockpit control center, the command and control centers
of many U.S. Navy ships, FAA air traffic control systems, and cockpit command
centers for various civil marine applications. Once the transaction is
complete, the company will continue to operate as Aydin Displays.
“The addition of Aydin Displays meets one aspect of our growth strategy by
providing engineered product content to further enhance our capabilities
within the electromechanical value stream as well as providing lead generation
opportunities for our contract services business,” stated Cary B. Wood,
president and chief executive officer of Sparton. “Additionally, Aydin’s
products are an integral part of the P8A program, as are our sonobuoy
products. We also believe we will be able to enhance the solutions selling
approach of both Aydin Displays and our Defense & Security Systems business
segment to the Department of Defense and other prime defense contractors, as
well as key customers located across the globe.”
The transaction was funded through Sparton’s existing cash balances and
borrowings under the credit facility currently in place with BMO Harris Bank.
The Company will be conducting a conference call on its fiscal 2013 fourth
quarter and full year financial results on Wednesday, September 4, 2013 and
will provide additional information at that time.
About Sparton Corporation
Sparton Corporation (NYSE:SPA), now in its 114th year, is a provider of
complex and sophisticated electromechanical devices with capabilities that
include concept development, industrial design, design and manufacturing
engineering, production, distribution, field service, and refurbishment. The
primary markets served are Medical, Military & Aerospace, and Industrial &
Instrumentation. Headquartered in Schaumburg, IL, Sparton currently has five
manufacturing locations worldwide. Sparton's Web site may be accessed at
About Aydin Displays, Inc.
Aydin Displays is a leading provider in display manufacturing technology,
servicing the industrial, military and air traffic control industries. Aydin
offers a variety of industrial displays, rugged Military/COTS Flat Panel
Displays, Military Panel PC Workstations, and Air Traffic Control Displays
ranging in size from 6.4" to 57" now with the added capability of TEMPEST and
TEMPEST certification. For more information, visit Aydin's web site at
Safe Harbor and Fair Disclosure Statement
Safe Harbor statement under the Private Securities Litigation Reform Act of
1995: To the extent any statements made in this release contain information
that is not historical, these statements are essentially forward-looking and
are subject to risks and uncertainties, including the difficulty of predicting
future results, the regulatory environment, fluctuations in operating results
and other risks detailed from time to time in Sparton's filings with the
Securities and Exchange Commission (SEC). The matters discussed in this press
release may also involve risks and uncertainties concerning Sparton's services
described in Sparton's filings with the SEC. In particular, see the risk
factors described in Sparton's most recent Form 10K and Form 10Q. Sparton
assumes no obligation to update the forward-looking information contained in
this press release.
Mark Schlei, 847-762-5812
Mike Osborne, 847-762-5814
Institutional Marketing Services (IMS)
John Nesbett/Jennifer Belodeau, 203-972-9200
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