HEICO Corporation Agrees to Acquire Switchcraft
MIAMI and CHICAGO, Oct. 20, 2011 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) today announced that its Electronic Technologies Group entered into a definitive agreement to acquire Switchcraft, Inc. ("Switchcraft") through the purchase of all of the stock of Switchcraft's parent company, Switchcraft Holdco. Inc., from its management and other private equity ownership under financial terms which were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings per share within the year following closing of the purchase.
Founded in 1946, Switchcraft is a leading designer and manufacturer of high performance, high reliability and harsh environment electronic connectors and other interconnect products. Switchcraft's products include connectors, jacks and plugs, cables, patch panels and switches utilized in aviation, broadcast/audio, defense, industrial, medical and other equipment. The company's offerings comprise over 25,000 standard and custom products serving growing end markets.
Switchcraft, which is headquartered in Chicago, Illinois, employs approximately 460 people at its design and manufacturing facilities located in Chicago; Villa Park, Illinois; and Inchon, South Korea. Switchcraft's management will remain with the company following the acquisition and HEICO stated that it does not expect any material employee turnover to result from the purchase.
Victor H. Mendelson, HEICO's Co-President, noted, "Switchcraft significantly broadens our interconnect offering by adding many products to our business which we do not now offer and by adding customers not presently served by HEICO. We believe the growth opportunities are many."
Keith Bandolik, Switchcraft's President and CEO, stated, "We are excited to join the HEICO family. Both HEICO and Switchcraft are known for producing the highest quality products and solutions for our customers and I could not have thought of a better parent for Switchcraft and its dedicated people."
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer remarked, "Switchcraft continues HEICO's practice of acquiring outstanding, niche designers and manufacturers of critical components in the aerospace and electronic industries." He added, "We are also fortunate to have Keith Bandolik and his talented team become part of the HEICO organization."
Completion of the purchase is expected within 90 says and is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, as well as standard closing conditions.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunication and electronic 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 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 www.heico.com