Sparton to Buy FPD Maker
SCHAUMBURG, IL -- A subsidiary of Sparton has signed a definitive agreement to acquire certain assets and liabilities of flat panel display maker Aydin Displays, for an as-yet undisclosed amount.
Sparton Aydin, a wholly owned subsidiary, will pay cash for Aydin, which has revenues of $18 million. The transaction is expected to close within 30 days and will be funded through Sparton’s existing cash balances and credit lines.
Aydin is a subsidiary of Video Display, designs FPD and touch-screen equipment for application-critical uses, including military and aerospace and civil marine.
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,” stated Cary B. Wood, president and chief executive 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.”
