MIAMI, FL and OCEANSIDE, CA -- HEICO Corporation (NYSE: HEI.A and HEI) today announced that its Flight Support Group has acquired 100% of Carbon by Design, a rapidly growing manufacturer of composite components for UAVs, rockets, spacecraft and other specialized applications. The purchase price and financial details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within the first year following the acquisition.
Carbon by Design is led by Dominick Consalvi, who co-founded the company in 2003. The company engineers and manufactures hard-to-design and produce complex carbon composites for commercial launch vehicles and spacecraft, as well as multiple UAV manufacturers. Mr. Consalvi will continue to head Carbon by Design, which will join HEICO's Specialty Products Group, a leader in composites for commercial aviation and defense applications. Carbon by Design's 75 team members and the entire management team is expected to remain with the company in their existing roles. HEICO stated that it does not expect any employee turnover to result from the acquisition.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, and Eric A. Mendelson, HEICO's Co-President, jointly commented, "Carbon by Design continues our expansion in proprietary composites solutions for extremely demanding technical requirements. Dominick has differentiated Carbon by Design with creative and cutting-edge high-tech processes, and broadens our offering to the commercial aviation market, and the growing space launch, satellite and UAV markets. We welcome the entire Carbon by Design team."
Dominick Consalvi states "I am proud of the innovative solutions developed at Carbon by Design and look forward to sharing technologies and gaining operational depth within the HEICO family."
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 Hollywood, Florida-based Flight Support Group and its Miami, Florida-based 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.
