Radiant Power Subsidiary Acquires Moritz Aerospace Business and Assets
Sarasota, FL and Hatfield, PA (GLOBE NEWSWIRE) - HEICO Corporation (NYSE:HEI-A) (NYSE:HEI) today reported that its Radiant Power Corp. ("Radiant") subsidiary acquired the aerospace assets of Moritz Aerospace, Inc. in an all cash transaction. Radiant 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 Moritz Aerospace product line, which was founded in 1994 and is currently located in Hatfield, PA, designs and manufactures next generation wireless cabin control systems, solid state power distribution and management systems and fuel level sensing systems for business jets and for general aviation, as well as for the military/defense market segments.
The Moritz Aerospace product line is currently supported by approximately 20 people.
Anish V. Patel, President of Radiant Power Corp, stated, "We are very excited to bring the Moritz Aerospace technology and customers into our product portfolio. These additions allow Radiant to provide a full suite of power control and cabin electronics solutions to the aerospace market."
Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, and Victor H. Mendelson, HEICO's Co-President and CEO of its Electronic Technologies Group, jointly noted "This acquisition continues HEICO's expansion into adjacent markets and products and is another example of HEICO providing complete product and service solutions throughout the aircraft life cycle."
Sarasota, FL-based Radiant Power is a leading designer and maker of backup power and cabin power management products, having produced more than 100,000 power supplies, inverters, power management systems, seat controllers and lighting-related products for aircraft since its start more than 30 years ago. Radiant's products are found on all models of Boeing aircraft in production, as well as numerous regional jets and business jets.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunication and electronic 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, telecommunication and electronic 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, 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 product pricing levels, which could reduce our sales or sales growth and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunication and electronic 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, except to the extent required by applicable law.
Source: HEICO Corporation
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