HEICO Corporation announced that its Electronic Technologies Group has
completed the acquisition of Switchcraft, Inc.("Switchcraft") through the
purchase of all of the stock of Switchcraft's parent company, Switchcraft
Holdco. On October 20,201 1, HEICO announced that it had entered into an
agreement to acquire Switchcraft.
Financial terms were not disclosed, but HEICO reiterated that it expects the
acquisition to be accretive to its earnings per share.
Founded in 1946, Switchcraft is a leading designer and
manufacturer of high performance, high reliability and harsh environment
electronic connectors and other interconnect products. Switchcraft's products
include connectors, jacks and plugs, cables, patch panels and switches utilized
in aviation, broadcast/audio, defense, industrial, medical and other equipment.
The company's offerings comprise over 25,000 standard and custom products
serving growing end markets.
Switchcraft, which is headquartered in Chicago, Illinois, employs
approximately 460 people at its design and manufacturing facilities located in
Chicago; Villa Park, Illinois; and Inchon, South Korea. Switchcraft's management
will remain with the company following the acquisition and HEICO stated that it
does not expect any material employee turnover to result from the purchase.
HEICO stated that it welcomes all of Switchcraft's Team Members to the HEICO
family. HEICO Corporation is engaged primarily in certain niche segments of the
aviation, defense, space, medical, telecommunication and electronic 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 airmotives as well as numerous defense and space
contractors and military agencies worldwide in addition to medical,
telecommunication and electronic equipment manufacturers. For more information
about HEICO, please visit our web site at http://www.heico.com