HEICO Subsidiary Purchases FerriShield, Inc. For Undisclosed Sum
HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its’ Electronic Technologies Group (“ETG”) has acquired FerriShield, Inc. Terms and other financial information were not disclosed, though the Company stated that it expects the purchase to be accretive to its earnings within the first year of ownership.
HEICO stated that it intends to consolidate the FerriShield business into Leader Tech’s Tampa operations.
Leader Tech intends to offer FerriShield’s entire product line under the FerriShield name and will continue to support existing FerriShield products and customers, as well as add to the product line. FerriShield’s products are complementary parts to our existing offering which, overwhelmingly, do not overlap with Leader Tech’s current offerings.
Laurans A. Mendelson, HEICO’s Chairman, President and Chief Executive Officer, remarked, “FerriShield fits well within the ETG’s criteria of offering niche subcomponents supplied on multiple platforms in multiple industries. Further, it adds well to an existing product line whereby our sales and marketing team will be able to offer more products to essentially the same customers. We are excited to add this high quality product line to our business.”
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