January 20, 2015
HEICO Corporation makes important international acquisition
HEICO Corporation reported that its Flight Support Group completed the acquisition of 80% of the equity of Aeroworks International. Financial terms were not disclosed, but HEICO stated that it expects the acquisition to be accretive to its earnings within the first year after the closing. Aeroworks is a manufacturer of both composite and metal parts used primarily in aircraft interior applications, including seating, galleys, lavatories, doors, and overhead bins. Its products are sold mostly to commercial aircraft interior primes for use in commercial aircraft retrofit, interior replacement and new aircraft production. Founded in 2000, Aeroworks is headquartered in The Netherlands with its sales, administrative, and manufacturing operations; Aeroworks also maintains significant additional production facilities in Thailand and Laos. Aeroworks’ active leadership team will remain in place and HEICO does not anticipate any changes with respect to Aeroworks’ team members or customer relationships. Its significant international manufacturing footprint marks an important expansion of HEICO’s production flexibility. Including Aeroworks, HEICO subsidiaries now operate production or engineering facilities in 8 countries in North America, Europe and Asia.