Aeroflex shareholders OK merger with British defense contractor Cobham
Aeroflex Holding Corp. in Plainview on May 20, 2014. Credit: Newsday / Audrey C. Tiernan
Shareholders of Plainview-based Aeroflex Holding Corp. have approved a merger with British defense contractor Cobham PLC, officials announced after a special stockholder meeting Wednesday.
Under terms of the $1.46 billion deal, which was announced in May, Aeroflex, a maker of microelectronics and test equipment, will become a wholly owned subsidiary of Cobham.
Owners of about 87 percent of the outstanding shares of Aeroflex common stock voted in favor of the merger, the company said.
The merger is expected to close Friday, Aeroflex said in a news release.
Responding to inquiries from Sen. Charles Schumer (D-N.Y.), a Cobham executive issued assurances in June that the jobs of the 288 Aeroflex employees on Long Island are safe.
Cobham is based in Wimborne, England, but employs more than one-third of its workers in the United States, which accounts for about half of revenue.
Holiday celebrations around LI From house decorations and candy makers to restaurant and theater offerings, NewsdayTV's Elisa DiStefano checks out how Long Islanders are celebrating this holiday season.
Holiday celebrations around LI From house decorations and candy makers to restaurant and theater offerings, NewsdayTV's Elisa DiStefano checks out how Long Islanders are celebrating this holiday season.
