HEICO Corporation Subsidiary Acquires Solid Sealing Technology, Inc.
MIAMI & WATERVLIET, N.Y.--(BUSINESS WIRE)--Feb 1, 2019--HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) today announced that its Electronic Technologies Group acquired 85% of the stock of Solid Sealing Technology, Inc. (“SST”) in an all cash transaction.
HEICO stated that it expects the acquisition to be accretive to its earnings within the year following the purchase. Further financial terms and details were not disclosed.
Watervliet, NY-based SST is a leading designer and manufacturer of high-reliability ceramic-to-metal feedthroughs and connectors for demanding environments within the defense, industrial, life science, medical, research, semiconductor, and other markets.
SST employs approximately 50 team members and operates out of a single 26,000 square foot, state-of-the-art facility in Watervliet, NY. Since the company’s founding in 2004, SST has been known as a leader in its field for its custom design capabilities that draw from a broad range of sealing technologies.
SST’s two co-founders, Gary Balfour and Alan Fuierer, will retain 15% ownership of SST. Mr. Fuierer will assume the role of SST’s President from Mr. Balfour, who will remain with SST in a senior advisory and shareholder role. SST will continue to operate in its current location, and no staff turnover is expected.
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, “SST is a wonderful company that fits perfectly with HEICO. Alan and Gary have built a special business by focusing on their customers’ needs and products for extremely demanding environments. Their company is known for the highest quality throughout their business— ranging from their designs, their products, to the way they treat their team members, and SST won’t compromise its high standards. We are thrilled to have Alan, Gary and the entire SST team join the HEICO family.”
Gary Balfour and Alan Fuierer, SST’s co-founders, jointly commented: “We wanted to find the right home for SST—one that understood the need to invest in people, engineering, products and equipment, as well as one that would stand by the legacy we and our team built over the past 15 years. We wanted our team and customers to be treated properly. HEICO is the right home for our company and we’re excited about what SST can accomplish with HEICO.”
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 Flight Support Group and its 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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CONTACT: Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
KEYWORD: UNITED STATES NORTH AMERICA FLORIDA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY SATELLITE MANUFACTURING AEROSPACE OTHER MANUFACTURING
SOURCE: HEICO Corporation
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PUB: 02/01/2019 10:00 AM/DISC: 02/01/2019 10:01 AM