MIAMI and HOLLYWOOD, Fla., April 5, 2007 (PRIME NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its' Electronic Technologies Group ("ETG") has acquired FerriShield, Inc. Terms and other financial information were not disclosed, though the Company stated that it expects the purchase to be accretive to its earnings within the first year of ownership.
Founded in 1989, FerriShield is currently based in Scranton, PA.
FerriShield is a leading supplier of niche Radio Frequency Interference and Electromagnetic Frequency Interference ("RFI-EMI") Suppressors, such as its' line of patented Ferrite Suppressors, RF Absorber Pads and RFID Shielding. Through its' Leader Tech, Inc. operation in Tampa, FL, HEICO is a leading supplier of niche RFI-EMI Shielding products.
HEICO stated that it intends to consolidate the FerriShield business into Leader Tech's Tampa operations.
Leader Tech intends to offer FerriShield's entire product line under the FerriShield name and will continue to support existing FerriShield products and customers, as well as add to the product line. FerriShield's products are complementary parts to our existing offering which, overwhelmingly, do not overlap with Leader Tech's current offerings.
Laurans A. Mendelson, HEICO's Chairman, President and Chief Executive Officer, remarked, "FerriShield fits well within the ETG's criteria of offering niche subcomponents supplied on multiple platforms in multiple industries. Further, it adds well to an existing product line whereby our sales and marketing team will be able to offer more products to essentially the same customers. We are excited to add this high quality product line to our business."
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 http://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.