MIAMI, Fla., June 16, 2014 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that Seal Dynamics LLC, a subsidiary of its Flight Support Group, completed the acquisition of certain assets and liabilities of Quest Aviation Supply of Chatsworth, California. 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.
Quest was founded in 1997 and is a niche supplier of parts to repair thrust reversers on CF6-80, RB-211, CFM56 and V2500 engines. Quest will add 300 FAA-PMA approvals to the approximately 8,700 FAA-PMA approvals already held by HEICO's Flight Support Group. Quest products and team members will join HEICO's Seal Dynamics.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunications and electronics industries through its Hollywood, FL-based Flight Support Group and its Miami, FL-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 web site 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, but not limited to: lower demand for commercial air travel or airline fleet changes, 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; HEICO's ability to introduce new products and product pricing levels, which could reduce our sales or sales growth and HEICO's ability to make acquisitions and achieve operating synergies from acquired businesses, customer credit risk, interest and income tax rates and economic conditions within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues. 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.
CONTACT: Eric A. Mendelson (954) 987-4000 Carlos L. Macau, Jr. (954) 987-4000 ext. 7570