MIAMI, Feb. 2, 2015 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Flight Support Group completed the acquisition of 80.1% of the equity of Harter Aerospace ("Harter"). 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.
Harter is a globally recognized component and accessory maintenance, repair, and overhaul (MRO) station specializing in commercial aircraft accessories, including thrust reverse actuation systems and pneumatics, and electromechanical components.
Founded in 1988, Harter has leveraged its OEM heritage and design experience to build a full suite of technical engineering competencies, including over 5,000 component repairs and over 450 FAA-Designated Engineering Repairs (DERs). Harter provides services on nearly all major commercial Boeing and Airbus platforms, from the 777 and A330/340 through the 737 and A320 series aircraft. Harter is headquartered in Tempe, Arizona and maintains certifications from airworthiness authorities in Europe, Asia, and the Americas. Harter's successful leadership team will remain in place and HEICO does not anticipate any changes with respect to Harter's team members or customer relationships.
Harter's Arizona location marks an important expansion of HEICO's operating flexibility. HEICO subsidiaries operate production or engineering facilities in 18 states and ten 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 Harter's leadership of Bill Hinski and Glenn Kollett have built, and are proud that Harter has joined the HEICO family. Harter brings additional impressive MRO expertise and capabilities to the HEICO network, which will benefit our customers worldwide."
Bill Hinski and Glenn Kollett, Harter's President/CEO, and COO, respectively, together commented "We chose HEICO as our preferred acquirer since we share similar cultures and vision, and HEICO will be able to support us in our continuing growth. HEICO also enhances our technical capabilities and marketing reach. Harter's long-term continuity will be sustainable by this acquisition, creating increased advantages 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.