Radiant Power Subsidiary Acquires Spectralux HMI Business
HEICO’s 7th Acquisition in Past Year
HEICO Corporation (NYSE: HEI.A) (NYSE: HEI) today announced that its Radiant Power Corp. ("Radiant Power") subsidiary acquired 100% of the business and assets of the Human-Machine Interface ("HMI") product line of Spectralux Corporation in an all cash transaction. Radiant Power is part of HEICO’s Electronic Technologies Group.
HEICO stated that it expects the acquisition to be accretive to its earnings within a year following the purchase. Further financial terms and details were not disclosed. The purchase is HEICO’s seventh acquisition in the past year.
A leader in its field, the HMI Product Line, which has a significant installed base and is standard equipment on numerous in-production commercial transport aircraft, designs, manufactures, and repairs flight deck annunciators, panels, indicators, and illuminated keyboards, as well as lighting controls, and flight deck lighting.
The HMI product line is currently located in Kirkland, WA and will be integrated into Radiant Power’s existing Sarasota, FL facility within a year following closing.
Anish V. Patel, Radiant Power’s President, stated, "We are very excited about the HMI product line acquisition. The addition of the HMI products expands our existing extensive flight panels and displays business which was focused primarily on military platforms."
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer, and Victor H. Mendelson, HEICO’s Co-President and the Chief Executive Officer of HEICO’s Electronic Technologies Group, remarked, "This unique commercial aircraft product line allows our outstanding Radiant Power team to strategically expand its product offering, while allowing Radiant to capitalize on its successful heritage of acquiring and integrating businesses into their operation."
Located in Sarasota, FL, Radiant Power and sister company Dukane Seacom are focused on the design and manufacture of emergency power/battery backup, power distribution and controls, flight deck displays and electronics, passenger comfort, emergency underwater locator beacons, and emergency locator transmitters for the aerospace and military markets. More information can be found at www.rpcaero.com.
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 http://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 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.
Victor H. Mendelson, (305) 374-1745 ext. 7590
Carlos L. Macau, Jr., (954) 987-4000 ext. 7570