Heico Acquires Key Niche RF & Microwave Switch Maker
Heico Corp (NYSE: HEI) has acquired 100% of the stock of Charter Engineering, Inc. for cash. Financial details were not disclosed.
HEICO expects the acquisition to be accretive to its earnings within the year following the acquisition.
Pinellas Park, FL-based Charter designs and manufactures a complete line of RF and Microwave coaxial switches for the aerospace, defense, commercial, Automated Test Equipment (ATE), and instrumentation markets.
Charter will operate as part of HEICO Electronic Technologies Group's dB Control subsidiary and will complement dB's switch offering that was added through its Paciwave acquisition last year.
Heico held cash and cash equivalents of $117.32 million as of April 30, 2022.
Charter was founded in 1990 by Keith Charti, who will remain with Charter after the acquisition. Heico does not anticipate any material staff turnover among Charter's one dozen team members.
Price Action: HEI shares are trading lower by 0.48% at $156.95 on the last check Tuesday.
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