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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