HEICO Corporation Acquires Aerospace Electronics Company
MIAMI, Fla. and SANTA BARBARA, Calif.---HEICO Corporation today announced that its Electronics and Ground Support Group has acquired Santa Barbara Infrared, Inc. ("SBIR''), a leading international designer and manufacturer of state-of-the-art aerospace and defense infrared testing and ground support equipment. Terms of the transaction, which will be accounted for as a purchase, were not disclosed. Santa Barbara, CA-based SBIR's products include high precision blackbody sources, optical systems and fully integrated test calibration systems. SBIR's new MIRAGE IR Scene Simulator, which is used to test and calibrate complex infrared targeting and imaging systems, is an exciting new product incorporating a state-of-the-art, large scale integrated circuit as the infrared emitter chip. HEICO reported SBIR's founders, Steve McHugh and Ed Blanchet, will remain with SBIR as its President and Chief Engineer, respectively, and that the Company does not expect any employee turnover due to the transaction. Founded in 1986, SBIR employs approximately 50 people. Laurans A. Mendelson, HEICO's Chairman President & Chief Executive Officer, commented, "SBIR is an excellent fit with our fast-growing aerospace Electronics and Ground Support business, because it broadens our product lines, deepens our market penetration with governments and leading military prime contractors and enhances our engineering base. SBIR's aircraft ground support products have made it a leading supplier of crucial test and calibration equipment to a rapidly growing segment of our industry. Furthermore, we believe that the market for infrared equipment will continue to accelerate.'' Mr. Mendelson added, "HEICO had indicated that it planned to increase the size and scope of its higher margin aerospace electronics products through acquisitions and otherwise. Not only have we continued to meet that commitment with this purchase, but SBIR meets all of our acquisition criteria -- it is expected to be accretive to earnings during the first year of HEICO's ownership, it has strong growth prospects, it is a market leader and it has a management which is compatible with HEICO's.'' HEICO Corporation is engaged in certain niche segments of the aerospace, aviation and defense industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Aviation Products Corp. subsidiary. HEICO's customers include a majority of the world's airlines and airmotives as well as numerous defense contractors and military agencies worldwide, including the United States Air Force, Navy and NASA.
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HEICO Corporation Acquires Aerospace Electronics Company
