HOLLYWOOD, Fla. and LONDON, May 3, 2007 (PRIME NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) and British Airways today jointly announced that they had entered into a long term Alternative Parts Supply, Development and Management Agreement.
The Strategic Partnership is HEICO's seventh such unique relationship with a major international airline. HEICO has partner positions with Lufthansa, American Airlines, United, Delta Air Lines, Air Canada, JAL and now British Airways.
Under the new Agreement, HEICO will exclusively manage British Airways' Alternative Parts Program helping the airline maximize savings through the use of Alternative Parts in the most timely way. HEICO Aerospace, renowned for its exceptional safety and quality record within the aviation industry, was the perfect choice for British Airways whose dedication to safety and world class product makes it one of the world's premier airlines.
HEICO Aerospace celebrates its 50th anniversary this year and is the world's largest independent designer, manufacturer and distributor of FAA and EASA Approved Replacement Parts for jet engines and aircraft components. Its global and growing customer base includes most of the airlines and overhaul facilities worldwide that service commercial aircraft and jet engines. HEICO Aerospace, well known for having over 5,000 FAA Approved Alternative Parts and developing a further 400 each year, is also experiencing significant success in offering bespoke Alternative Parts Management programs to the airlines allowing customers to maximize savings in record time frame.
British Airways is one the world's largest international airlines, carrying in excess of 33 million passengers worldwide. Further, as one of the world's longest established airlines, British Airways has always been regarded as an industry leader. British Airways operates a fleet of over 250 Airbus and Boeing aircraft and has extensive, state of the art, maintenance capability with repair and overhaul facilities at several locations throughout the UK.
British Airways General Manager Materials Management & Component Overhaul, Raj Mehta stated: "BA is delighted to be working with HEICO Aerospace on developing our replacement parts program into the future. This strategic partnership forms a key element of our business strategy, whilst continuing to maintain the highest levels of safety and reliability."
Eric A. Mendelson, HEICO Aerospace's President and Chief Executive Officer, commented, "We are incredibly proud that British Airways has chosen HEICO as their long term strategic partner for this Parts Development and Management program. This Strategic Partnership will accelerate HEICO's efforts in developing a broader range of superior products and services that help airlines generate huge savings in today's highly competitive market. British Airways is the seventh major airline to enter into a strategic partnership with HEICO making a clear statement to the industry that a safe, reliable alternative is what many operators continue to look for."
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.