Aeroflex

Aeroflex Inc.
Public
Industry Wireless test and measurement
Hi-rel semiconductors
Founded 1937
Headquarters 35 South Service Road,[1] Plainview, New York, USA
Number of locations
 21[2]
Area served
 Worldwide
Key people
 Leonard Borow (CEO)
Revenue Increase $655 million (FY 2010)[2]
Profit Increase $-12.2 million (FY 2010)[2]
Total assets $1.36 billion (FY 2010)[2]
Total equity $150 million (FY 2010)[2]
Number of employees
 2,850 (2010)[2]
Website Aeroflex.com

Aeroflex Inc. (NYSE: ARX) is an American company which produces test equipment, RF and microwave integrated circuits, components and systems used for wireless communications. Its headquarters are located in Plainview, New York.[1]

Overview

Aeroflex consists of Aeroflex Microelectronic Solutions (AMS), a fabless manufacturer of rad-hard and high reliability semiconductor devices and Aeroflex Test Solutions (ATS), which produces electronic test equipment. Competitors of Aeroflex include Agilent, National Instruments, Anritsu, and Rohde & Schwarz.

History

Aeroflex owns a group of historic companies: Gaisler Research, IFR Systems Inc, Marconi Instruments, Radiation Assured Devices, Wavetek.

In 2002, acquires IFR Systems Inc, a test equipment manufacturer from Wichita, Kansas.[3] In 1998, IFR previously acquired Marconi Instruments, a British test equipment manufacturer.[4]

In 2007, Aeroflex was taken private by a group of private equity firms including Veritas Capital, Golden Gate Capital, GS Direct.[5]

In 2008, Aeroflex acquires Gaisler Research, a designer of rad-hard IP for space applications, including the open source LEON processor.

In 2009, Aeroflex acquires VI Technology, a test automation company.[6]

In 2010, Aeroflex acquires Willtek, a test equipment manufacturer from San Diego, California.[7][8] Willtek was split from another company which previously acquired Wavetek.

In 2010, Aeroflex acquires Radiation Assured Devices of Colorado Springs, Colorado and changes its name to Aeroflex RAD.[9]

In 2010, Aeroflex announced an initial public offering of 17.25 million shares.[10]

In FY 2010, AMS and ATS contributed almost equally to net sales. The majority of sales, particularly for AMS, are in the space, avionics, and defense markets.

In May 2014, Aeroflex was acquired by the UK aerospace company Cobham plc for $1.46 billion.[11]

Legal Actions

In 2013, the US State Department settled with Aeroflex Incorporated over alleged violations of the Arms Export Control Act ("AECA")(22 U.S.C. § 2778) and the International Traffic in Arms Regulations ("ITAR")(22 C.F.R. parts 120-130). The settlement was reached relative to ITAR Section 128.11 wherein Aeroflex entered into a consent agreement with the State Department. Based on this settlement, Aeroflex paid a civil penalty of $4 million, and the State Department waived an additional $4 million penalty on the “condition the Department approves expenditures for self-initiated, pre-Consent Agreement remedial compliance measures and Consent Agreement-authorized remedial compliance costs.” Aeroflex voluntarity disclosed most of the ITAR violations resolved in this settlement, “acknowledged their serious nature, cooperated with Department reviews, and since 2008 has implemented or has planned extensive remedial measures, including the restructuring of its compliance organization, the institution of a new testing protocol of its commodities, and a revised company-wide ITAR compliance program,” according to the State Department. [12] According to a Reuters special report, while the State Department’s investigation was underway, Aeroflex exported more than 7,000 high-tech rad-chips to China, between 2003 and 2008, after US officials had directed the company to stop the exports. [13]

Products

AMS Group
ATS Group
ATE Group

See also

References

  1. ↑ 1.0 1.1 Aeroflex - Contacts
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2010 Aeroflex Form 10-K for Period Ending June 30, 2010.
  3. ↑ Aeroflex Inc Completes Merger With IFR Systems Inc; June 19, 2002.
  4. ↑ GEC Sells Marconi Instruments; February 6, 1998.
  5. ↑ Veritas Capital Partners LP acquires Aeroflex Inc through a leveraged buyout; August 15, 2007.
  6. ↑ "Aeroflex Expands Baseband Test Capabilities With Strategic Acquisition of VI Technology in 2009" Retrieved on 2012-11-20.
  7. ↑ Aeroflex Incd Completes Previously Announced Acquisition of Willtek Communications; May 11, 2010.
  8. ↑ Willtek History
  9. ↑ Aeroflex Inc Acquires Radiation Assured Devices Inc; June 30, 2010.
  10. ↑ Aeroflex Press Release; November 5, 2010.
  11. ↑ "Cobham Acquires Wireless Communications Company for $1.46 Billion". New York Times. 20 May 2014. Retrieved 20 May 2014.
  12. ↑ US State Department Press Release, “State Department Concludes Settlement of Export Violations by Aeroflex Incorporated,” Aug 9, 2013, http://www.state.gov/r/pa/prs/ps/2013/08/213002.htm
  13. ↑ Reuters, “How China's weapon snatchers are penetrating U.S. defenses,” Dec. 17, 2013, http://www.reuters.com/investigates/china-military/#article/part3

External links

Wikimedia Commons has media related to Wavetek.