Hollywood, FL and Beaverton, OR — HEICO Corporation (NYSE: HEI and HEI.A) today announced that its Electronic Technologies Group has acquired all of the stock of Engineering Design Team, Inc. (“EDT”) and substantially all of the assets of an EDT affiliate. Financial terms were not disclosed. HEICO expects the acquisition to be accretive within the first year of ownership.
EDT specializes in the design, manufacture and sale of advanced high-technology, high-speed interface products that link devices such as telecom receivers, digital cameras, high resolution scanners, simulation systems and test systems to almost any computer. EDT’s products are utilized in homeland security, defense, medical, research, astronomical and other applications across numerous industries.
Founded in 1987, EDT, which is based in Beaverton, OR, employs approximately 25 people. HEICO stated that it does not expect employee turnover as a result of the acquisition and noted that senior management will be remaining with EDT in substantially the same roles and they occupied prior to the acquisition.
Laurans A. Mendelson, HEICO’s Chairman, President and Chief Executive Officer remarked, “EDT’s reputation for outstanding customer service and truly innovative designs which deliver unique solutions are very attractive traits which are common to our other operations. Further, EDT is a platform to link some of HEICO’s existing products with EDT’s in order to develop additional designs which address customer needs.”
Victor H. Mendelson, President of HEICO’s Electronic Technologies Group, remarked, “We have gotten to know EDT management’s and staff over the past year and have been impressed with their professionalism, intellectual capacity and niche business model which fits so well with HEICO.”
David Lowry, EDT’s President & Co-Founder, and Chet Britten, EDT’s Vice President & Co-Founder, jointly commented, “We are excited about the opportunities to grow our business under HEICO’s ownership and look forward to many years of exciting growth together. HEICO has the same commitment to its customers, staff, product development, quality and growth that we have had at EDT since we started it nearly 20 years ago. We are confident that we will work well together.”
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO’s customers include a majority of the world’s airlines and airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to telecommunications, electronics and medical equipment manufacturers. For more information about HEICO, please visit our web site at https://www.heico.com.
Certain statements in this press release constitute forward-looking statements, which are subject to risks, uncertainties and assumptions. HEICO’s actual results could 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, 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 or space 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 product pricing levels, which could reduce our sales or sales growth; HEICO’s ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest rates and economic conditions within and outside of the aerospace, defense, space and electronics industries, which could negatively impact our costs and revenues. 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.