HEICO Corporation Acquires Niche Aircraft Component Repair Company
HEICO Corporation (NYSE:HEI.A) (NYSE: HEI) today announced that its Flight Support Group has acquired 84% of the assets and certain liabilities of CSI Aerospace, Inc. 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.
CSI, which is located in Broken Arrow, OK (near Tulsa), is a leading repair and overhaul provider of specialized components for airlines, military and other aerospace related organizations. Among CSI's niche, proprietary repair and overhaul processes are those related to Pitot, Total Air Temperature and Engine Inlet Temperature Sensors. CSI will augment the already extensive offering of HEICO's aircraft Component Repair Group.
Members of CSI's founding Feeley family will continue to own 16% of CSI and continue to lead the operations. HEICO also stated that it does not expect any employee turnover to result from the acquisition.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.