MIAMI, Jan. 20, 2015 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Flight Support Group completed the acquisition of 80% of the equity of Aeroworks International Holdings, B.V. ("Aeroworks"). Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the first year after the closing.
Aeroworks is a manufacturer of both composite and metal parts used primarily in aircraft interior applications, including seating, galleys, lavatories, doors, and overhead bins. Its products are sold mostly to commercial aircraft interior primes for use in commercial aircraft retrofit, interior replacement and new aircraft production.
Founded in 2000, Aeroworks is headquartered in The Netherlands with its sales, administrative, and manufacturing operations; Aeroworks also maintains significant additional production facilities in Thailand and Laos. Aeroworks' active leadership team will remain in place and HEICO does not anticipate any changes with respect to Aeroworks' team members or customer relationships.
Its significant international manufacturing footprint marks an important expansion of HEICO's production flexibility. Including Aeroworks, HEICO subsidiaries now operate production or engineering facilities in 8 countries in North America, Europe and Asia.
Laurans Mendelson and Eric Mendelson, HEICO's Chairman/CEO and Co-President, respectively, together remarked, "We are impressed with the team and organization that Aeroworks' founder, Mr. Sjuk de Vries has built, and are proud that Aeroworks has joined the HEICO family. Aeroworks brings significant design expertise and manufacturing capabilities to the HEICO network, which will benefit our customers worldwide."
Sjuk de Vries, Aerowork's Founder and CEO commented, "HEICO was our preferred acquirer as they will be able to support us on our continuous growth path. HEICO also provides us with the required professionalism, both technically and managerially. Our long-term continuity will be sustainable by this acquisition, creating increased comfort for our customers and employees."
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics 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 commercial aircraft, 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 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, telecommunications 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, except to the extent required by applicable law.