U.S. markets closed
  • S&P 500

    4,280.15
    +72.88 (+1.73%)
     
  • Dow 30

    33,761.05
    +424.38 (+1.27%)
     
  • Nasdaq

    13,047.19
    +267.27 (+2.09%)
     
  • Russell 2000

    2,016.62
    +41.36 (+2.09%)
     
  • Crude Oil

    91.88
    -2.46 (-2.61%)
     
  • Gold

    1,818.90
    +11.70 (+0.65%)
     
  • Silver

    20.83
    +0.49 (+2.39%)
     
  • EUR/USD

    1.0257
    -0.0068 (-0.66%)
     
  • 10-Yr Bond

    2.8490
    -0.0390 (-1.35%)
     
  • GBP/USD

    1.2139
    -0.0064 (-0.52%)
     
  • USD/JPY

    133.4800
    +0.4810 (+0.36%)
     
  • BTC-USD

    24,445.83
    +39.06 (+0.16%)
     
  • CMC Crypto 200

    574.64
    +3.36 (+0.59%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • Nikkei 225

    28,546.98
    +727.65 (+2.62%)
     

Heico Buys 80.1% Of RH Laboratories For Undisclosed Sum

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Heico Corp's (NYSE: HEI) Electronic Technologies Group has acquired 80.1% of the stock of RH Laboratories, Inc. for cash paid at closing. The company did not disclose further terms and financial details of the deal.

  • RH is a designer and manufacturer of state-of-the-art RF and microwave integrated assemblies, sub-assemblies, and components used in defense applications operating in harsh environments, including Space.

  • RH employs 45 people at its 21,000 square foot Nashua engineering and production facility.

  • RH was founded in 2001 by Benjamin Robinson, his son Stephen Robinson and Frank Holt. All three will continue in their pre-closing roles, with Benjamin remaining as CEO, Stephen remaining as President, and Frank continuing as VP of Engineering.

  • Further, the Robinsons and Holt will continue to own 19.9% of RH.

  • Heico expects the acquisition to be accretive to its earnings within the first year following the closing.

  • Heico held cash and cash equivalents of $269.82 million as of July 31, 2021.

  • Price Action: HEI shares are trading higher by 0.28% at $134.29 on the last check Wednesday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.