MIAMI and HOLLYWOOD, Fla., April 25, 2017 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) announced today that its Flight Support Group completed the acquisition of Air Cost Control. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing.
On March 8, 2017, HEICO announced it had entered into an agreement, subject to foreign governmental approval which was subsequently received, to acquire 80.1% of the operating units of A2C from its founders, Laurent and Laure Parelle. The Parelles will continue to own 19.9% of A2C, which will operate as part of HEICO’s Flight Support Group.
Founded by the Parelles in 2000, A2C is a leading aviation electrical interconnect product distributor of items such as connectors, wire, cable, protection and fastening systems. It also distributes a wide range of electromechanical parts. A2C’s customers include aircraft manufacturers and their sub-tier suppliers, as well as airlines and maintenance, repair and overhaul organizations worldwide.
A2C maintains extensive inventory and customer support centers in Hamburg, Germany, Sunrise, Florida and near Toulouse, France, as well as satellite offices in Paris, Beijing, Madrid, and Singapore, and employs approximately 130 team members. A2C’s entire management team will remain with the company in their existing roles and HEICO stated that it does not expect any employee turnover to result from the acquisition.
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 Flight Support Group and its 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.
