JACKSON, MI -- Electronics manufacturing services provider
Sparton Corp. has signed a letter of intent to acquire
Astro Instrumentation, a maker of medical test equipment.
Strongsville, OH-based Astro is privately owned and had 2005 sales of $33.6 million. The deal is expected to close by June 30 and is subject to due diligence. No financial terms were announced.
Astro designs and manufactures a variety of specialized
medical products, including laboratory
test equipment. The company operates a 40,000 sq. ft.
facility in Ohio.
Sparton will run the business as a
wholly-owned subsidiary at its present location and retain current
management and staff. The acquisition is subject to the completion of
a due diligence review and execution of a definitive purchase
agreement.