HEICO Corporation Completes AeroAntenna Acquisition
September 15 2017 - 9:13AM
Business Wire
HEICO’S LARGEST PURCHASE
HEICO Corporation (NYSE: HEI.A and HEI) today announced that its
Electronic Technologies Group completed the acquisition of
AeroAntenna Technology, Inc. (“AeroAntenna”), HEICO’s largest-ever
acquisition. On August 18, 2017, HEICO announced it had entered
into an agreement, subject to regulatory approval which was
subsequently received, to acquire AeroAntenna. The purchase was
completed under the previously announced terms.
HEICO expects the acquisition to be accretive to its earnings
per share within the year following acquisition. The Company did
not release further financial details.
Chatsworth, CA-based AeroAntenna is a leader in the design and
production of high performance active antenna systems for critical
defense applications, precision guided munitions, commercial
aircraft and other commercial uses. AeroAntenna is a known leader
in numerous antenna types, including GPS, aircraft navigation and
satellite communications antennas.
HEICO stated that AeroAntenna will continue to operate in its
current location with its current management team in place and that
it does not expect any material staff turnover to result from the
acquisition.
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.
The Company has two classes of common stock traded on the NYSE.
Both classes, the Class A Common Stock (HEI.A) and the Common Stock
(HEI), are virtually identical in all economic respects. The only
difference between the share classes is the voting rights. The
Class A Common Stock (HEI.A) carries 1/10 vote per share and the
Common Stock (HEI) carries one vote per share. The stock symbols
for HEICO’s two classes of common stock on most web sites are HEI.A
and HEI. However, some web sites change HEICO’s Class A Common
Stock symbol (HEI.A) to HEI/A or HEIa.
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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HEICO CorporationVictor H. Mendelson, 305-374-1745 Ext.
7590orCarlos L. Macau, Jr., 954-987-4000 Ext. 7570
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