Astronics Profile
Astronics Corporation (Astronics) provides advanced technologies to the global aerospace, defense and electronics industries.
The company’s products and services include advanced, high-performance electrical power generation, distribution and seat motion systems, lighting and safety systems, avionics products, systems and certification, aircraft structures and automated test systems.
The company has principal operations in the United States (‘U.S.’), Canada, France, and England, as well as engineering offices in the Ukraine and India.
Segments
The company operates through two segments, Aerospace and Test Systems.
Aerospace
The company’s Aerospace segment designs and manufactures products for the global aerospace industry. Product lines include lighting and safety systems, electrical power generation, distribution and seat motion systems, aircraft structures, avionics products, systems certification, and other products. The company’s Aerospace customers are the airframe manufacturers (‘OEM’) that build aircraft for the commercial transport, military and general aviation markets, suppliers to those OEMs, aircraft operators, such as airlines, suppliers to the aircraft operators, and branches of the U.S. Department of Defense.
During 2022, this segment’s sales were divided 68% to the commercial transport market, 12% to the military aircraft market, 14% to the general aviation market and 6% to other markets.
Test Systems
The company’s Test Systems segment designs, develops, manufactures, and maintains automated test systems that support the aerospace and defense, communications and mass transit industries, as well as training and simulation devices for both commercial and military applications. In the Test Systems segment, Astronics’ products are sold to a global customer base, including OEMs and prime government contractors for both electronics and military products.
Customers
Sales to Panasonic Avionics Corporation accounted for less than 10% of sales in 2022. Sales to The Boeing Company accounted for 11.0% of sales in 2022. Sales to Panasonic Avionics Corporation and The Boeing Company are primarily in the Aerospace segment.
Strategy
The company’s strategy is to increase its value by developing technologies and capabilities either internally or through acquisition, and use those capabilities to provide innovative solutions to the company’s targeted markets where the company’s technology can be beneficial.
Research and Development Expenses
The company’s research and development expenses amounted to $48.3 million in 2022.
History
Astronics Corporation was founded in 1968. The company was incorporated in 1968.
