MIAMI and BUC, France, Oct. 3, 2011 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today stated that it completed its planned acquisition of Buc, France-based 3D Plus, S.A. HEICO announced its agreement to acquire 3D Plus on June 21, 2011.
Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing. 3D Plus will operate as part of HEICO's Electronic Technologies Group.
Founded in 1996, 3D Plus is a leading designer and manufacturer of 3-dimensional microelectronic and stacked memory products used predominantly in satellites. 3D Plus' products are also utilized in medical equipment. 3D Plus' patented designs provide high reliability memory and circuitry in a unique and stacked form which saves space and weight. A majority of 3D Plus' revenues are derived from sales in growing markets outside of the United States, though it also derives important revenues from the United States.
3D Plus employs approximately 120 people at its new, state-of-the-art design center and factory in Buc, France, which is located near Paris. The company also maintains a North American sales and marketing location in McKinney, Texas and a technical support center in Fremont, California. 3D Plus will continue to operate in those locations after acquisition and the firm's existing management shall remain in place. HEICO also stated that it does not expect employee turnover at 3D Plus to result from the purchase.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunication and electronics industries through its Flight Support Group and Electronic Technologies Group. 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 medical, telecommunication and electronic 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, telecommunication and electronic 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.