Astro-Med buys civil, commercial aircraft printer line for $7.4M

WEST WARWICK – Astro-Med Inc., a maker of specialty printers, and test and measurement devices, has purchased a California company’s printer product line used for civil and commercial aircraft for approximately $7.4 million.
The asset purchase agreement was detailed in a filing Friday with the Securities and Exchange Commission. Astro-Med acquired the line from Rugged Information Technology Equipment Corp. The closing date for the acquisition was Friday.
Astro-Med acquired “rugged printers” for use in commercial aircraft sold primarily to aircraft manufacturers, tier one contractors and directly to airlines around the world, according to the filing. The transaction is being funded with available cash and investment securities.
Rugged Information Technology Corp. will continue to manufacture the products for Astro-Med for approximately six months, after which Astro-Med will take over manufacturing at its West Warwick facility.
The companies also entered into a license agreement in which Rugged Information Technology Corp. will pay Astro-Med royalties equal to 7.5 percent of the sales price on all products sold to the military aircraft market during the first five years of the license agreement.
A representative from Astro-Med could not be reached immediately for comment.

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