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Aeroflex Incorporated Announces Acquisition of Celerity Systems
November 03, 2003 11:30:00 (ET)
PLAINVIEW, N.Y., Nov 3, 2003 (BUSINESS WIRE) -- Aeroflex Incorporated (Nasdaq Symbol: ARXX), a leading designer, developer and manufacturer of automated testing solutions and microelectronics for the aerospace, defense and broadband communications markets, announced today the acquisition of the business of Celerity Systems Incorporated from L-3 Communications Corp. for $10.25 million consisting of cash, Aeroflex common shares and a release of certain liabilities.
Celerity Systems designs, develops and manufactures modular digital test and measurement solutions for the communications, satellite, wireless and broadband test markets, including broadband signal generation.
"Earlier this year, we entered into a limited manufacturing and license agreement with Celerity," said Len Borow, Executive Vice President & Chief Operating Officer of Aeroflex. "As we have worked together with Celerity, it became obvious to us that their considerable intellectual property was an excellent fit with our IP which, taken together, is expected to allow us to expand our product development in such areas as cellular base station test systems. In addition, Celerity will continue to sell its products directly to government agencies and will also sell products to L-3 under an exclusive relationship for use in signal intelligence and communication intelligence systems. We expect Celerity to add $6 to 7 million in revenue and be accretive to earnings for our fiscal year ending June 30, 2004."
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