HEICO Corporation Acquires Radiation Detection Leader
February 27 2018 - 08:30AM
Business Wire
HEICO’s Santa Barbara Infrared subsidiary
acquires 85% of Sensor Technology Engineering
HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) announced today that
its Santa Barbara Infrared, Inc. (“SBIR”) subsidiary acquired 85%
of the business and assets of Sensor Technology Engineering, Inc.
(“Sensor Tech”) in an all cash transaction. SBIR is part of HEICO’s
Electronic Technologies Group.
HEICO stated that it expects the acquisition to be accretive to
its earnings within a year following the purchase. Further
financial terms and details were not disclosed.
Sensor Tech, which was founded in 1996 and is located in Goleta,
CA, a neighboring city of Santa Barbara, is the leading designer
and manufacturer of sophisticated nuclear radiation detectors for
law enforcement, homeland security and military applications.
Sensor Tech is well known for its highly sensitive, reliable and
easy-to-use detectors, including its critically acclaimed Radiation
Pager, which is the most sensitive radiation detector for its size
commercially available and is hundreds of times more sensitive than
Geiger-Muller (GM) detectors of similar size.
Sensor Tech’s two founders own the remaining 15% of the business
and will continue to manage it in their existing roles. HEICO
stated that it does not expect any staff turnover to result from
the acquisition.
SBIR’s President & Co-Founder, Steve McHugh, stated, “We
have known the Sensor Tech team for decades and are enthusiastic
about adding this talented group, along with their important
products to our Company.”
Laurans A. Mendelson, HEICO’s Chairman & Chief Executive
Officer, and Victor H. Mendelson, HEICO’s Co-President and CEO of
its Electronic Technologies Group, jointly noted, “Known for its
high quality and excellent service, Sensor Tech is considered the
radiation detection standard by several US Government agencies and
this is precisely the kind of mission-critical, high-reliability
business HEICO values most. We welcome the Sensor Tech team to the
HEICO family.”
Located in Santa Barbara, CA, SBIR designs and manufactures the
world’s most technologically advanced test instrumentation used to
test, calibrate and validate the performance of Visible, Near
Infrared (NIR), SWIR, MWIR, LWIR, Laser and Electro-Optical (E-O)
sensor components and systems. More information can be found at
www.sbir.com.
HEICO Corporation is engaged primarily in the design,
production, servicing and distribution of products and services to
certain niche segments of the aviation, defense, space, medical,
telecommunications and electronics industries through its
Hollywood, Florida-based Flight Support Group and its Miami,
Florida-based Electronic Technologies Group. HEICO’s customers
include a majority of the world’s airlines and overhaul shops, as
well as numerous defense and space contractors and military
agencies worldwide, in addition to medical, telecommunications and
electronics equipment manufacturers. For more information about
HEICO, please visit our website at www.heico.com.
Certain statements in this press release constitute
forward-looking statements, which are subject to risks,
uncertainties and contingencies. HEICO's actual results may differ
materially from those expressed in or implied by those
forward-looking statements as a result of factors including: lower
demand for commercial air travel or airline fleet changes or
airline purchasing decisions, which could cause lower demand for
our goods and services; product specification costs and
requirements, which could cause an increase to our costs to
complete contracts; governmental and regulatory demands, export
policies and restrictions, reductions in defense, space or homeland
security spending by U.S. and/or foreign customers or competition
from existing and new competitors, which could reduce our sales;
our ability to introduce new products and services at profitable
pricing levels, which could reduce our sales or sales growth;
product development or manufacturing difficulties, which could
increase our product development costs and delay sales; our ability
to make acquisitions and achieve operating synergies from acquired
businesses; customer credit risk; interest, foreign currency
exchange and income tax rates; economic conditions within and
outside of the aviation, defense, space, medical,
telecommunications and electronics industries, which could
negatively impact our costs and revenues; and defense spending or
budget cuts, which could reduce our defense-related revenue.
Parties receiving this material are encouraged to review all of
HEICO's filings with the Securities and Exchange Commission,
including, but not limited to filings on Form 10-K, Form 10-Q and
Form 8-K. We undertake no obligation to publicly update or revise
any forward-looking statement, whether as a result of new
information, future events or otherwise, except to the extent
required by applicable law.
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version on businesswire.com: http://www.businesswire.com/news/home/20180227005220/en/
HEICO CorporationVictor H. Mendelson, 305-374-1745orCarlos L.
Macau, Jr., 954-987-4000
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