02 July 2011
South Florida’s Heico Corp., a profitable and fast-growing manufacturer of airplane and electronic parts, announced an agreement to buy electronics company 3D Plus SA of Buc, France.
Terms of the deal were not disclosed.
3D Plus, founded in 1996, designs and manufactures three-dimensional microelectronic and stacked memory products used mainly in satellites. Its products also are used in medical equipment. Its patented designs offer memory and circuits in a unique stacked form that saves space and weight, the companies said in a statement.
3D Plus derives most of its sales from outside the United States. It employs 120 people at its design center and factory in Buc, France. It also has a sales and marketing office in McKinney, Texas and a technical center in Fremont, California. It will continue to operate all the locations, when the deal closes, likely by late September, Heico said.
Heico Chairman Laurans A. Mendelson said the purchase will help the South Florida company expand its presence in the satellite and medical equipment markets, both inside and outside the United States.
Heico is active in parts of the aviation, defense, space, medical, telecom and electronics industries through its Hollywood-based Flight Support Group and Miami-based Electronics Technologies Group. Its customers include airlines, defense contractors, military agencies and equipment makers.
For the first half of this fiscal year, New York Stock Exchange-listed Heico posted a 39 percent increase in net income to a record $33.9 million. Net sales for the half rose 24 percent to $358.7 million from a year earlier.
Heico had no net debt outstanding as of April 30, with cash available to make more acquisitions, executives said.
For the full fiscal year, Heico expects net income to rise roughly 20 percent on an 18 percent increase in net sales from last year. It posted $54.9 million in profits on a record $617 million in sales in fiscal 2010, according to its annual report.
For more information on Heico, visit www.heico.com.