"Living Legend" 's Mom- And-Pop Antenna Company Just Sold For Half A Million Heico Shares Valued At ~$100M
Heico Corp's (NYSE: HEI) Electronic Technologies Group has acquired all of the stock of Sensor Systems, Inc. for a combination of cash and ~575 thousand Heico Class A Common Shares. Specific financial terms were not disclosed.
The company expects the acquisition to be accretive to its earnings in the year following the acquisition.
Chatsworth, CA-based Sensor designs and manufactures airborne antennas for commercial and military applications. Sensor antennas are found on nearly all large commercial transport aircraft built in the last 50 years, along with numerous business and military aircraft.
Sensor was built-up by the husband and wife team of Seymour (Si) Robin and Mary (Betty) Bazar. Betty and her first husband, aviation entrepreneur and engineer Harvey Bazar, founded the company in 1961.
Si was recognized as a "Living Legend of Aviation" in 2009 at the Living Legends' annual black-tie gala.
Heico held cash and cash equivalents of $117.32 million as of April 30, 2022.
Sensor will continue operating as its own business producing its full product range from its existing approximately 50,000 square foot, multi-building facility in Chatsworth, CA.
Also Read: Heico Acquires Key Niche RF & Microwave Switch Maker
Price Action: HEI shares are trading higher by 1.96% at $164.34 on the last check Thursday.
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