HEICO Extends Repair Capabilities
July 14 2016 - 8:00AM
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that
its Flight Support Group Subsidiary, Inertial Aerospace Services,
entered into a License Agreement with Northrop Grumman Corporation
(NYSE:NOC) to perform the overhaul and repair of select inertial
reference units and associated accessories. In conjunction
with this agreement, Inertial Aerospace Services will receive
Northrop Grumman’s parts inventory and test equipment for the
Northrop Grumman licensed products. The agreement also
provides access to technical data uniquely available from Northrop
Grumman Corporation.
The Inertial Aerospace Services subsidiary of HEICO Repair Group
currently offers overhaul and repair for most commercial aviation
inertial navigation systems. This agreement expands Inertial
Aerospace Services’ overhaul capabilities for the legacy Litton
inertial navigation systems and related accessories. HEICO
Repair Group is one of the world’s largest independent suppliers of
repair and overhaul services for aircraft components, including
hydraulic, pneumatic, electro mechanical, avionics, wheels/brakes,
and flight surfaces.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer and Eric A. Mendelson, HEICO’s Co-President, jointly
commented, “We are pleased that Inertial Aerospace Services can
enter into a mutually beneficial arrangement with Northrop Grumman
that ensures excellent service will continue for these licensed
products.”
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 web site 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;
HEICO's 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;
HEICO's 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.
Eric A. Mendelson (954) 987-4000 ext. 7555
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
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