American Marconi Wireless News - HEICO Corporation Acquires Key Supplier of Armored Vehicle Track Systems

HEICO stated that it expects the acquisitions to be accretive to its earnings within the year following closing.

Cook Defence Systems is an independent designer and manufacturer of track systems for armored fighting vehicles. The Company is a long-standing supplier to national ministries of defense and a key partner to leading global defense original equipment manufacturers, supporting both new vehicle production and long-term aftermarket replacement demand. Its products are deployed across a large fleet of in-service vehicles and have been selected for many next-generation platforms currently in development or production. As a result, Cook Defence Systems remains indispensable to credible deterrence and warfighting capabilities for NATO and allied nations.

The Company is an acknowledged specialist in the design, testing, manufacture, and supply of mission-critical systems comprising tracks, sprockets, running gear and associated components.

Created in its current form in 1994 by Sir Andrew Cook CBE and operating from a purpose-built facility in Stanhope, UK with a workforce of approximately 130 Team Members, Cook Defence Systems has developed proprietary engineering and manufacturing capabilities that position it as a critical link in the global defense supply chain. Notably, most of Cook Defence Systems' revenue is derived outside the United States and allows HEICO added international growth opportunities.

Eric A. Mendelson and Victor H. Mendelson, HEICO's Co-Chairmen and Co-Chief Executive Officers, jointly commented: "Cook Defence represents a distinctive addition to HEICO, with many of the attractive attributes we look for in our businesses. The Company has established strong relationships across leading defense OEMs and government customers across multiple critical armored vehicle platforms. Cook's proprietary technology, consistent aftermarket demand, and exposure to increasing global defense spending position it well for continued growth and long-term value creation. We are pleased to welcome William Cook and his team to the HEICO family."

William Cook and Sir Andrew Cook CBE, Chairman of William Cook Holdings, jointly commented, "We are proud to have built Cook Defence Systems into a trusted partner to governments, armies and armoured vehicle manufacturers worldwide. In HEICO, we have found a long-term partner that values our independence, supports our growth ambitions, and shares our commitment to engineering excellence, quality, and service. We are confident about the future of Cook Defence Systems under the joint ownership of HEICO and William Cook Holdings."

HEICO Corporation is engaged primarily in the design, production, servicing and distribution of products and services to certain niche segments of the aviation, defense, space, medical, telecommunications and electronics 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 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 website at https://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. Factors that could cause such differences include, among others: the severity, magnitude and duration of public health threats; our liquidity and the amount and timing of cash generation; lower commercial air travel, airline fleet changes or airline purchasing decisions, 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; our ability to introduce new products and services at profitable pricing levels, 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; cybersecurity events or other disruptions of information technology systems could adversely affect our business; our ability to make acquisitions, including obtaining any applicable domestic and/or foreign governmental approvals, and achieve operating synergies from acquired businesses; customer credit risk; interest, foreign currency exchange and income tax rates; economic conditions, including the effects of inflation, within and outside of the aviation, defense, space, medical, telecommunications and electronics industries, which could negatively impact our costs and revenues; and defense spending or budget cuts, which could reduce our defense-related revenue. 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) 744-7550

Carlos L. Macau, Jr. (954) 744-7562

SOURCE: HEICO Corporation

View the original press release on ACCESS Newswire

T.Ward--AMWN