HEICO Corporation Subsidiary Acquires Flight Critical Aerospace Electronics Product Line
April 17 2018 - 8:30AM
Business Wire
HEICO’s 6th Acquisition in the Past 12
Months
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that
its Dukane Seacom Inc. (“Dukane Seacom”) subsidiary acquired 100%
of the business and assets of the Emergency Locator Transmitter
Beacon product line of Instrumar Limited (“ELT Product Line” or
“ELT”) in an all cash transaction. Dukane Seacom 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.
The ELT Product Line, which has a significant installed base on
large commercial transport aircraft, designs and manufactures
Emergency Locator Transmitter Beacons for the commercial aviation
and defense markets. Upon activation, these safety-critical devices
transmit a distress signal to alert search and rescue operations of
the aircraft’s location.
The ELT Product Line is currently located in St. John’s,
Newfoundland, Canada. It will be integrated into Dukane Seacom’s
existing Sarasota, FL facility within a year following closing.
Anish V. Patel, Dukane Seacom’s President, stated, “We are very
excited about the ELT product line acquisition. This product line
addition compliments Dukane’s existing product offerings and allows
us to better address our customers’ needs.”
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, “The ELT product
line acquisition is consistent with our long-term strategy of
acquiring highly engineered products and unique technologies. The
Dukane Seacom team has a strong, acquisitive track record, as they
have successfully acquired four businesses and/or product lines in
the past six years. Additionally, this acquisition marks HEICO’s
sixth in the past twelve months. Our disciplined growth strategy
remains the same and we will continue to look for value-added,
accretive acquisitions.”
Located in Sarasota, Florida, Dukane Seacom and its sister
company, Radiant Power Corp., are focused on the design and
manufacture of underwater locator beacons, emergency power
supplies, power distribution and controls, flight deck sensors and
indicators, and passenger comfort products for the aerospace and
military markets. More information can be found at
www.dukaneseacom.com or www.rpcaero.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 http://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 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: https://www.businesswire.com/news/home/20180417005365/en/
HEICO CorporationVictor H. Mendelson, 305-374-1745orCarlos L.
Macau, Jr., 954-987-4000
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