HEICO Corporation Subsidiary Acquires Leading Satellite Filter Company
HEICO Corporation announced that its subsidiary, Lucix, has acquired Flight Microwave Corporation in a 100% stock purchase. The acquisition is fully in cash, but specific financial details were not disclosed. HEICO anticipates that this acquisition will be accretive to earnings within the year following completion. Flight Microwave is renowned for its custom high power filters used in space and defense, including GPS systems. The firm will integrate into Lucix and retain most of its existing staff, enhancing HEICO's capabilities in the electronic technologies sector.
- Acquisition expected to be accretive to earnings within a year.
- Expands HEICO’s presence in space and defense markets.
- Retaining nearly all of Flight Microwave's staff ensures continuity.
- None.
Lucix Corporation Purchases Flight Microwave Corporation
CAMARILLO, CA and MIAMI, FL / ACCESSWIRE / March 14, 2022 / HEICO Corporation (NYSE:HEI.A)(NYSE:HEI) today announced that its Lucix subsidiary acquired
HEICO stated that it expects the acquisition to be accretive to its earnings in the year following the purchase.
Founded in 2004, Flight Microwave is a leading designer and manufacturer of world class custom high power filters and filter assemblies used in space and defense applications. Among Flight Microwave's most recognized products are the high power, space-borne filter payload assemblies used on the Global Positioning System's ("GPS") GPS III program as well as other key US Government satellite payloads.
Flight Microwave's design and production center is located in El Segundo, CA. With a significant heritage on many leading satellite programs dating back to 2004, Flight Microwave is known as a pioneer for consistently developing products that lead the industry in performance, innovation and quality.
Lucix, which is part of HEICO's Electronic Technologies Group, is known as a world leader in RF Electronic and Passive Units, Subsystems and Assemblies for Commercial, Civil and Defense Satellite Payloads. Lucix also provides RF hardware for Airborne and Ground Systems.
Flight Microwave will operate as part of Lucix and will eventually relocate to Lucix's Camarillo, CA headquarters, engineering and production center. Nearly all of Flight Microwave's team will remain with the business post-closing.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Victor H. Mendelson, HEICO's Co-President and CEO of HEICO's Electronic Technologies Group, remarked, "Flight Microwave continues HEICO's strategy of buying the best-in-class, niche electronic components companies which are known for having excellent talent serving a demanding customer base. We welcome Flight Microwave to the HEICO family."
Joseph Giesemann, Lucix's President, commented, "We are highly impressed with the Flight Microwave team and the custom, application specific, product offering they have developed. Flight Microwave built an outstanding reputation for innovation and customer satisfaction and it fits perfectly with Lucix."
Rolf Kich, Flight Microwave's Founder, CEO and majority owner, commented, "Flight Microwave is excited to be part of Lucix and HEICO in our common quest to offer a comprehensive product line of Space Qualified hardware. Together we will marry decades of experience of Active and Passive Microwave technology, increasing value to our customers and shareholders."
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, but not limited to: the severity, magnitude and duration of the COVID-19 Pandemic; HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the COVID-19 Pandemic and its aftermath, 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 and manufacturing 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, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or 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.
Contact:
Victor H. Mendelson
(305) 374-1745
Carlos L. Macau, Jr.
(954) 987-4000
SOURCE: HEICO Corporation
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