HEICO Acquires Innovative Composites Manufacturer
20 June 2017 - 6:00PM
Business Wire
Flight Support Group Acquires Carbon by
Design of Oceanside, California
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.
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: lower
demand for commercial air travel or airline fleet changes or
airline purchasing decisions, 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;
our ability to introduce new products and services at profitable
pricing levels, which could reduce our sales or sales growth;
product development or manufacturing difficulties, which could
increase our product development costs and delay sales; our ability
to make acquisitions and achieve operating synergies from acquired
businesses; customer credit risk; interest, foreign currency
exchange and income tax rates; economic conditions within and
outside of the aviation, defense, space, medical,
telecommunications and electronics industries, which could
negatively impact our costs and revenues; and defense budget cuts,
which could reduce our defense-related revenue. 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, except to the extent required by applicable law.
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HEICO CorporationEric A. Mendelson, 305-374-1745orCarlos L.
Macau Jr., 954-987-4000
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