Astronics Signs Letter of Intent to Acquire Assets of FTG Aerospace, a Division of Circuit World Corporation.

Business Editors

EAST AURORA, N.Y.--(BUSINESS WIRE)--March 2, 2004

Astronics Corporation (Nasdaq:ATRO), a leader in advanced, high performance lighting and electronics systems for the global aerospace and defense industry, announced today that it has signed a Letter of Intent (LOI) to acquire the assets of FTG Aerospace from Circuit World Corporation (TSX:CCW).

FTG Aerospace, with its operations near Toronto, Ontario, Canada, manufactures illuminated cockpit panels, keyboards and bezels for original equipment manufacturers of avionics products as well as for airframe manufacturers. Revenue for its last completed fiscal year, which ended November 30, 2003, was $7.5 million Canadian. The division has approximately 60 employees.

"We believe that with this acquisition, we will gain customer share with several of our customers, as well as gain some key new customers. FTG Aerospace's technology is complementary to ours, while the employees bring talent to our mix," said Peter Gundermann, President and CEO of Astronics. He went on to say, "As we continue to execute our strategy to expand beyond a lighting components supplier to a lighting systems integrator, we see building our critical mass and capturing a greater share of the market as a component of our plan."

Terms of the proposed all cash acquisition were not disclosed. The closing of the proposed acquisition is subject to a number of conditions including satisfactory due diligence by the Company. It is expected that the closing would occur early in the second quarter of this year.

ABOUT ASTRONICS CORPORATION

Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. A major lighting and electronics supplier to the aircraft industry, its strategy is to expand from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to various aircraft platforms. Luminescent Systems Inc. is Astronics' primary operating subsidiary which produces its aerospace and defense products.

For more information on Astronics and its products, visit its website at www.Astronics.com.

Safe Harbor Statement

This press release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially than those contemplated by the statements. Important factors that could cause actual results to differ materially include the Company's ability to execute its strategy, that the acquisition will occur, that the Company will gain market share with existing clients, that new clients would be gained through the acquisition, the impact of the economy, the ability of the Company to grow its revenue, and the state of the aerospace industry, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.