Astronics sells semiconductor test business to Advantest for $185M in cash
Astronics announced it has entered into an agreement for the sale of the intellectual property and certain assets associated with its semiconductor test business to Advantest for $185M in cash. The sale additionally includes a $30M earn-out opportunity based on achieving certain levels of revenue in 2019. Astronics will enter into an agreement with Advantest to continue to manufacture the semiconductor test solutions for Advantest upon closing of the transaction. Approximately 45 personnel from Astronics, primarily in engineering, sales, and program management, will be offered positions with Advantest. The remainder of the Astronics workforce will be unaffected by the transaction. This transaction is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. It is expected to close by the end of the year. Astronics' will continue to operate its aerospace and defense test business and report in two segments.