Lucix, a subsidiary of HEICO Corporation, announced that it has acquired Flight Microwave in an all-cash transaction. Financial terms of the deal were not disclosed. HEICO stated that it expects the acquisition to be accretive to its earnings in the year following the purchase.
Founded in 2004, Flight Microwave is a leading designer and manufacturer of world class custom high-power filters and filter assemblies used in space and defense applications. Among Flight Microwave's most recognized products are the high power, space-borne filter payload assemblies used on the Global Positioning System's ("GPS") GPS III program as well as other key US Government satellite payloads.
Flight Microwave's design and production center is located in El Segundo, CA. With a significant heritage on many leading satellite programs dating back to 2004, Flight Microwave is known as a pioneer for consistently developing products that lead the industry in performance, innovation and quality.
Lucix, which is part of HEICO's Electronic Technologies Group, is known as a world leader in RF Electronic and Passive Units, Subsystems and Assemblies for Commercial, Civil and Defense Satellite Payloads. Lucix also provides RF hardware for Airborne and Ground Systems.
Flight Microwave will operate as part of Lucix and will eventually relocate to Lucix's Camarillo, CA headquarters, engineering and production center. Nearly all of Flight Microwave's team will remain with the business post-closing.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, along with Victor H. Mendelson, HEICO's Co-President and CEO of HEICO's Electronic Technologies Group, said, "Flight Microwave continues HEICO's strategy of buying the best-in-class, niche electronic components companies which are known for having excellent talent serving a demanding customer base. We welcome Flight Microwave to the HEICO family."
Joseph Giesemann, Lucix's President, said that they are highly impressed with the Flight Microwave team and the custom, application specific, product offering they have developed. Flight Microwave built an outstanding reputation for innovation and customer satisfaction, and it fits perfectly with Lucix.
Rolf Kich, Flight Microwave's Founder, CEO and majority owner, commented, "Flight Microwave is excited to be part of Lucix and HEICO in our common quest to offer a comprehensive product line of Space Qualified hardware. Together we will marry decades of experience of Active and Passive Microwave technology, increasing value to our customers and shareholders."
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.
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