HEICO Corporation (NYSE:HEI) today announced that the company has been successful in completing its first 3D Plus Acquisition.
The announcement which was made on June 21, 2011 acquire 3D Plus was completed with the acquiring of Buc, France-based 3D Plus. Though the financial details of the agreement were kept under cover, the Company stated that it expects the acquisition to be accretive to its earnings within the year following closing.
3D Plus will operate as part of HEICO’s Electronic Technologies Group. The Company is a leading designer and manufacturer of 3-dimensional microelectronic and stacked memory products used chiefly in satellites, and also in medical equipments. The patented designs of the Company offer the greater reliability of memory and circuitry in a distinctive and stacked form which saves space and weight. Though the Company derives important returns from the United States, a greater part of the profits are derived from sales in growing markets outside of the United States.
Founded in 1996, the Company employs around 120 people at its new, state-of-the-art design center and factory in Buc, France, located near Paris. The North American sale is upheld by the Company’s center in McKinney, Texas and also a technical support center in Fremont, California. HEICO stated that it does not expect employee turnover at 3D Plus to result from the purchase.
Shares of HEI slumped 6.50% on hefty volume on Monday.
The assembled information distributed by headlineotc.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Headlineotc.com does expect that investors will buy and sell securities based on information assembled and presented herein. Headlineotc.com will not be responsible in any way for or accept any liability for any losses arising from an investor’s reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.