Electronic Technologies Group acquires 80.1% of RH Laboratories
NASHUA, NH and MIAMI, FL / ACCESSWIRE / September 29, 2021 / HEICO Company (NYSE: HEI.A, Financial)(NYSE: HEI, Financial) announced today that its Electronic Technologies group has acquired 80.1% of the shares of RH Laboratories, Inc. (“RH”) for cash payment on closing. The founders of HR will continue to own the rest of the business. Other terms and financial details were not disclosed.
HEICO said it expects the acquisition to increase profits in the first year after closing.
RH, based in Nashua, NH, is a leading designer and manufacturer of advanced RF and microwave integrated assemblies, sub-assemblies and components used in a wide range of demanding defense applications operating in harsh environments, including space. Their products, which include multi-function assemblies, solid-state control components, and receiver products, are most commonly found on electronic warfare, radar, and missile systems.
Now celebrating its 20th anniversarye year in business, HR clients include major defense contractors, the United States Government and other defense clients who rely on HR for its highly specialized engineering capabilities and engineering prowess. production. RH employs 45 people at its 21,000 square foot engineering and production facility in Nashua.
RH was founded in 2001 by Benjamin Robinson, his son Stephen Robinson and Frank Holt. All three will continue in their pre-closing roles, with Benjamin remaining CEO, Stephen remaining president and Frank continuing as vice president of engineering. In addition, the Robinsons and Mr. Holts will continue to own 19.9% of RH. HEICO said it does not expect staff turnover to result from the acquisition.
Laurans A. Mendelson, Chairman and CEO of HEICO, as well as Victor H. Mendelson, Co-Chairman and CEO of HEICO of his Electronic Technology Group, said: “We welcome Ben, Stephen, Frank and the rest of the world. HR family in the HEICO family. . This remarkable company exemplifies the commitment to engineering excellence and customer prioritization that makes HR an ideal partner for HEICO. We are thrilled to have the people, products and HR talents within HEICO. “
Benjamin and Stephen Robinson commented, “We searched for the right partner for our business, a business that we have been developing and growing over two decades. After getting to know HEICO employees for several years, we think they understand our business the best. and respect our people, our heritage, our customers and the way we operate. We look forward to a strong future together. We are proud to be associated with such a reputable company that shares our values. “
Certain statements contained 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 or implied by these forward-looking statements due to factors including, but not limited to: the severity, extent and duration of the COVID-19 pandemic; HEICO’s liquidity and the amount and timing of cash generation; the decline in commercial air travel caused by the COVID-19 pandemic and its consequences, airline fleet changes or airline purchasing decisions, which could lead to a drop in demand for our goods and services ; costs and product specification requirements, which could result in an increase in our costs to complete contracts; government and regulatory requirements, export policies and restrictions, reductions in defense, space or homeland security spending by US 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 price points, which could reduce our sales or sales growth; product development or manufacturing difficulties, which could increase our product development and manufacturing costs and delay sales; our ability to make acquisitions and achieve operational synergies from acquired businesses; customer credit risk; interest rate, exchange rate and income tax; economic conditions, including the effects of inflation, inside and outside the aviation, defense, space, medical, telecommunications and electronics industries, which could have a negative impact on our costs and revenues; and defense spending or budget cuts, which could reduce our defense revenues. Parties receiving this material are encouraged to review all documents filed by HEICO with the Securities and Exchange Commission, including, but not limited to, documents filed on Forms 10-K, 10-Q, and 8-K. . We assume 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.
HEICO Corporation is mainly engaged in the design, production, maintenance and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics through its Hollywood, Florida-based Flight Support Group and its Miami, Florida-based Electronic Technology Group. HEICO’s customers include the majority of airlines and overhaul shops around the world, as well as numerous defense and space contractors and military agencies around the world, in addition to medical equipment manufacturers. , telecommunications and electronics. For more information about HEICO, please visit our website at www.heico.com.
Victor H. Mendelson
Carlos L. Macao, Jr.
THE SOURCE: HEICO Company
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