Orbit International Corp. completed the acquisition of Panel Products Inc.
January 03, 2022
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Orbit International Corp. (OTCPK:ORBT) entered into an agreement to acquired Panel Products Inc. on December 14, 2021. In connection with the transaction, Orbit has formed a new subsidiary, Simulator Product Solutions LLC, which will be majority owned by Orbit, with a minority equity interest to be held by Panel. It is intended that Nabil Radi, the founder of Panel, will continue his leadership of Panel's business as President of Orbit's newly formed subsidiary. The transaction is being funded substantially from Orbit's cash on hand. In addition, Orbit intends to keep Panel's operation in the Carson/Long Beach area. The Transaction is subject to certain specified closing conditions, is expected to close on or about December 31, 2021. The Transaction is expected to be accretive to earnings in fiscal 2022.
Orbit International Corp. (OTCPK:ORBT) completed the acquisition of Panel Products Inc. on January 4, 2022. Orbit paid $4 million in cash, an aggregate of up to $1.2 million in performance related payments payable at the end of year 2022 and 2023 and the issuance to Panel of a 19.9% ownership stake in Simulator Product Solutions. Orbit is to purchase Panel's 19.9% stake in Simulator Product Solutions for a minimum of $1.3 million.
Orbit International Corp. provides electronics manufacturers and software solutions. The Company, through its Orbit Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, NY and Carson, CA. Orbit Power Group, also located in Hauppauge, NY, designs and manufactures a range of power products, including AC power supplies, frequency converters, inverters, VME/VPX power supplies and various COTS power sources. Orbit Electronics Group is comprised of Orbit Instruments and Tulip Development Laboratory. Orbit Instrument designs and manufactures customized electronic subsystems and components for military aircraft, shipboard, handheld and ground-based programs, and designs hardware to support severe non-military applications. Tulip Development Laboratory designs and manufactures military and ruggedized computer peripheral products.
ORBIT INTERNATIONAL CORP. 
