Flight Support Group Acquires Two Advanced Aerospace and Defense Manufacturers
HOLLYWOOD, FL and HAMPSTEAD, MD / ACCESSWIRE / August 4, 2021 / HEICO Corporation (NYSE: HEI.A and HEI) today announced that its Flight Support Group completed the acquisition of Ridge Engineering, Inc. ("Ridge") and The Bechdon Company, Inc. ("Bechdon") (together, the "Companies"). On July 6, 2021, HEICO announced it had entered into an agreement, subject to regulatory approval which was subsequently received, to acquire the Companies. The purchase was completed under the previously announced terms.
HEICO expects the acquisitions to be accretive to its earnings within the first year following closing. Additional financial details were not disclosed.
Ridge is a leader in performing tight-tolerance machining and brazing of large-sized parts in mission-critical defense and aerospace applications. Bechdon performs precision machining, fabrication, and welding services for aerospace, defense, and other industrial applications and is a key subcontractor to Ridge.
HEICO stated that the Companies will continue to operate in their current locations with current management teams and it does not expect any material staff turnover to result from the acquisition.
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: 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 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:
Eric A. Mendelson (954) 744-7555
Carlos L. Macau, Jr. (954) 987-4000
SOURCE: Heico Corporation
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