HEICO Corporation Subsdiary Acquires TTT-Cubed, Inc.
September 10 2019 - 8:30AM
Business Wire
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that
its dB Control subsidiary acquired 100% of the stock of TTT-Cubed,
Inc. (“TTT”) in an all cash transaction. Further financial terms
and details were not disclosed. dB Control is part of HEICO’s
Electronic Technologies Group. HEICO stated that it expects the
acquisition to be accretive to its earnings in the year following
the purchase.
Founded in 2012, TTT is the leading designer and manufacturer of
cutting edge RF Sources, Detectors, and Controllers for a certain
wide range of aerospace and defense applications. Among TTT’s most
recognized products are high-end frequency locked oscillators and
integrated digital control units.
TTT’s design and production center is located in Fremont, CA.
TTT is known as a leader for consistently developing products that
lead the industry in terms of performance, quality, and
reliability.
TTT will operate as part of dB Control and will relocate to dB’s
headquarters, engineering and production center, which is also
located in Fremont, CA. Most of TTT’s team will remain with the
business post-closing.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, along with Victor H. Mendelson, HEICO’s Co-President and
CEO of HEICO’s Electronic Technologies Group, remarked, “TTT
continues HEICO’s strategy of buying the best-in-class, niche
electronic components companies which are known for having
excellent talent serving a demanding customer base. We are highly
impressed with the TTT team and the custom, application specific,
product offering they have developed. TTT built an outstanding
reputation for innovation and customer satisfaction. We welcome TTT
to the HEICO family.”
Jeff Tindall, TTT’s Founder, President and majority owner,
commented, “We’re thrilled to be part of dB Control and the HEICO
family. We’re confident TTT will continue to grow and innovatively
serve its customers under the new ownership structure.”
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, FL-based Flight Support Group and its Miami, FL-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, but
not limited to: 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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Victor H. Mendelson (305) 374-1745 Carlos L. Macau, Jr. (954)
987-4000
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