HOLLYWOOD, Fla.--(BUSINESS WIRE)--HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that a subsidiary of its Flight Support Group has acquired 100% of the business and assets of Optical Display Engineering (“ODE”) in an all cash transaction.
HEICO stated that it expects the acquisition to be accretive to its earnings in the year following the purchase. Further financial terms and details were not disclosed.
ODE is an FAA-authorized Part 145 Repair Station focusing on the repair of LCD screens and display modules for aviation displays used in civilian and military aircraft. ODE also holds FAA-PMA authority to supply products that it repairs.
ODE is currently located in Irvine, California, and will be relocated to Highland Heights, Ohio where HEICO Flight Support Group’s Inertial Aerospace Services FAA/EASA repair station (“IAS”) and Flight Specialties PMA units are located.
Laurans A. Mendelson, HEICO’s Chairman & Chief Executive Officer, and Eric A. Mendelson, HEICO’s Co-President and CEO of its Flight Support Group, jointly noted, “Two years ago, we began the successful integration of select inertial reference capabilities into IAS as a licensee of Northrop Grumman, and we are very excited to broaden HEICO’s avionics and aviation electronics expertise. ODE continues our strategy of expanding our repair and PMA capabilities serving airlines, OEMs and independent repair stations with innovative solutions. Our disciplined growth strategy remains the same and we will continue to look for value-added, accretive acquisitions.”
Located in Highland Heights, Ohio, Inertial Aerospace Services focuses on the repair of Inertial Guidance, including innovative solutions for avionics systems. Flight Specialties is co-located with IAS and develops PMAs for a variety of aircraft applications including displays, keypads and mechanical components. More information may be found at https://www.heico.com/avionics.
HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technologies Group. HEICO’s customers include a majority of the world’s airlines and overhaul shops, as well as numerous 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 website at 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: lower demand for commercial air travel or airline fleet changes or airline purchasing decisions, 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; our ability to introduce new products and services at profitable pricing levels, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development costs and delay sales; our ability to make acquisitions and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense budget cuts, which could reduce our defense-related revenue. 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.