HEICO Corp. Subsidiary Buys Preeminent Aircraft Panel Product Line
January 06 2020 - 8:30AM
Business Wire
Radiant Power Subsidiary Acquires Spectralux
HMI Business
HEICO’s 7th Acquisition in Past
Year
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that
its Radiant Power Corp. (“Radiant Power”) subsidiary acquired 100%
of the business and assets of the Human-Machine Interface (“HMI”)
product line of Spectralux Corporation in an all cash transaction.
Radiant Power 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 purchase is
HEICO’s seventh acquisition in the past year.
A leader in its field, the HMI Product Line, which has a
significant installed base and is standard equipment on numerous
in-production commercial transport aircraft, designs, manufactures,
and repairs flight deck annunciators, panels, indicators, and
illuminated keyboards, as well as lighting controls, and flight
deck lighting.
The HMI product line is currently located in Kirkland, WA and
will be integrated into Radiant Power’s existing Sarasota, FL
facility within a year following closing.
Anish V. Patel, Radiant Power’s President, stated, “We are very
excited about the HMI product line acquisition. The addition of the
HMI products expands our existing extensive flight panels and
displays business which was focused primarily on military
platforms.”
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, and Victor H. Mendelson, HEICO’s Co-President and the
Chief Executive Officer of HEICO’s Electronic Technologies Group,
remarked, “This unique commercial aircraft product line allows our
outstanding Radiant Power team to strategically expand its product
offering, while allowing Radiant to capitalize on its successful
heritage of acquiring and integrating businesses into their
operation.”
Located in Sarasota, FL, Radiant Power and sister company Dukane
Seacom are focused on the design and manufacture of emergency
power/battery backup, power distribution and controls, flight deck
displays and electronics, passenger comfort, emergency underwater
locator beacons, and emergency locator transmitters for the
aerospace and military markets. More information can be found at
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 spending or
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200106005533/en/
Victor H. Mendelson, (305) 374-1745 ext. 7590 Carlos L. Macau,
Jr., (954) 987-4000 ext. 7570
HEICO (NYSE:HEI)
Historical Stock Chart
From Mar 2024 to Apr 2024
HEICO (NYSE:HEI)
Historical Stock Chart
From Apr 2023 to Apr 2024