MIAMI and BUC, France, June 21, 2011 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Electronic Technologies Group has entered into an agreement to acquire rapidly-growing 3D Plus, S.A. ("3D"). Closing, which is subject to governmental approvals and standard closing conditions, is expected to occur within 90 days.
Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the year following closing.
Founded in 1996, 3D Plus is a leading designer and manufacturer of 3-dimensional microelectronic and stacked memory products used predominantly in satellites. 3D's products are also utilized in medical equipment. 3D's patented designs provide high reliability memory and circuitry in a unique and stacked form which saves space and weight. A majority of 3D's revenues are derived from sales in growing markets outside of the United States, though it also derives important revenues from the United States.
3D employs approximately 120 people at its new, state-of-the-art design center and factory located in Buc, France. The company also maintains a North American sales and marketing location in McKinney, Texas and technical center in Fremont, California. 3D Plus will continue to operate in those locations after closing.
Company Co-Founders, Christian Val, who is Chairman & CEO, and Pierre Maurice, who is President, will remain with the company after closing. In addition, HEICO stated that it does not expect any staff turnover to result from the purchase. 3D Plus will maintain its headquarters, design and production at its existing headquarters and it will continue to sell its product line to existing customers.
In joint remarks, Laurans A. Mendelson, HEICO's Chairman & Chief Executive Officer, and Victor H. Mendelson, HEICO's Co-President, remarked, "3D Plus expands our already significant niche space products business and our presence in growing medical markets both inside and outside of the United States. 3D is known for excellent quality and we are delighted to add their unique capabilities, along with the great talents of company co-founders Christian Val and Pierre Maurice. We look forward to welcoming the entire 3D team to the HEICO family."
Christian Val and Pierre Maurice commented together on behalf of themselves and 3D, "We are truly pleased to join with HEICO in expanding our high growth company. Both 3D Plus and HEICO are both committed to our space, medical and other markets and are dedicated to serving our customers with unparalleled quality, customer service and advanced products."
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunication and electronic industries through its Hollywood, FL based-Flight Support Group and its Miami, FL based-Electronic Technologies Group. 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.
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, but not limited to: lower demand for commercial air travel or airline fleet changes, 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; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth; and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunication and electronic industries, which could negatively impact our costs and revenues. 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.
CONTACT: Thomas S. Irwin (954) 987-4000 ext. 7560 Victor H. Mendelson (305) 374-1745 ext. 7590