HEICO Corp. completes important acquisition
Oct. 21, 2009, Miami – HEICO Corporation today announced that its Electronic Technologies Group has acquired the business, assets and certain liabilities of the Seacom division of privately-held Dukane Corp.
Oct. 21, 2009, Miami – HEICO Corporation today announced that its
Electronic Technologies Group has acquired the business, assets and
certain liabilities of the Seacom division of privately-held Dukane
Terms were not disclosed. HEICO stated that it expects the acquisition
to be accretive to its earnings per share during the year following
Seacom is the world's largest designer and manufacturer of Underwater
Locator Beacons ("ULBs") used to locate aircraft Cockpit Voice
Recorders and Flight Data Recorders, marine ship Voyage Recorders and
various other devices which have been submerged under water. Seacom,
which was founded in 1969, is based in St. Charles, IL and employs
approximately 35 people.
HEICO has renamed the business "Dukane Seacom, Inc." and anticipates
that the operation will remain in its current location in St. Charles,
IL for now. HEICO said that Dukane Seacom's management will remain with
the business in their pre-acquisition roles and that it does not expect
other near-term staff turnover to result from the acquisition.
ULBs are required equipment on all U.S. Federal Aviation Administration
("FAA") and European Aviation Safety Agency ("EASA") approved Flight
Data and Cockpit Voice Recorders used in aircraft and on similar
systems utilized on large marine shipping vessels. Dukane Seacom's ULBs
installed on aircraft have all been approved by the FAA and EASA
following comprehensive tests to ensure the devices meet stringent FAA
and EASA requirements.
Frequently called "pingers," ULBs are highly-engineered electronic
devices which, when activated by contact with water, emit an acoustic
signal allowing equipment specially designed by Dukane Seacom and
others to locate the ULBs, which are themselves attached to other
systems or objects, like the recorders popularly known as "black boxes"
installed on aircraft or large marine vessels.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer,
stated, "We are thrilled to add this business to our product offerings
of flight and voyage critical products, as it is a perfect fit with our
electronics and aviation expertise." He added, "We welcome Dukane
Seacom's highly trained and uniquely competent staff led by Dukane
Seacom President Thomas Greenacre to the HEICO family."
There are currently approximately 15.7 million shares of HEICO's Class
A Common Stock (HEI.A) outstanding and 10.4 million shares of HEICO's
Common Stock (HEI) outstanding. The stock symbols for HEICO's two
classes of common stock on most web sites are HEI. A and HEI. However,
some web sites change HEICO's Class A Common Stock stock symbol (HEI.A)
to HEI/A or HEIa.
HEICO Corporation is engaged primarily in certain niche segments of the
aviation, defense, space and electronics industries through its
Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its
Miami, FL-based HEICO Electronic Technologies Corp. subsidiary.
HEICO's customers include a majority of the world's airlines and
airmotives as well as numerous defense and space contractors and
military agencies worldwide in addition to medical, telecommunication
and electronic equipment manufacturers.
For more information about HEICO, please visit our web site at http://www.heico.com