MIAMI, Fla., 27 Oct. 2009.- HEICO Corp. (NYSE:HEI-A) (NYSE:HEI) announced that its Electronic Technologies Group has acquired the business, assets and certain liabilities of the Seacom division of privately-held Dukane Corp.
Seacom – based in St. Charles, Ill. – designs and manufactures underwater locator beacons ("ULBs") used to locate aircraft cockpit voice recorders and flight data recorders, marine ship voyage recorders and various other devices which have been submerged under water.
ULBs are required equipment on all U.S. Federal Aviation Administration ("FAA") and European Aviation Safety Agency ("EASA") approved flight data and cockpit voice recorders used in aircraft and on similar systems utilized on large marine shipping vessels. Dukane Seacom's ULBs installed on aircraft have all been approved by the FAA and EASA following comprehensive tests to ensure the devices meet FAA and EASA requirements.
Terms were not disclosed. HEICO officials stated that it expects the acquisition to be accretive to its earnings per share during the year following closing. Seacom employs approximately 35 people.
HEICO has renamed the business "Dukane Seacom, Inc." and anticipates that the operation will remain in its current location in St. Charles for now. HEICO officials say that Dukane Seacom's management will remain with the business in their pre-acquisition roles and that it does not expect other near-term staff turnover to result from the acquisition.
ULBs are required equipment on all U.S. Federal Aviation Administration ("FAA") and European Aviation Safety Agency ("EASA") approved flight data and cockpit voice recorders used in aircraft and on similar systems utilized on large marine shipping vessels. Dukane Seacom's ULBs installed on aircraft have all been approved by the FAA and EASA following comprehensive tests to ensure the devices meet FAA and EASA requirements.
Frequently called "pingers," ULBs are electronic devices which, when activated by contact with water, emit an acoustic signal allowing equipment specially designed by Dukane Seacom and others to locate the ULBs, which are themselves attached to other systems or objects, like the recorders popularly known as "black boxes" installed on aircraft or large marine vessels.
"We are thrilled to add this business to our product offerings of flight and voyage critical products, as it is a perfect fit with our electronics and aviation expertise," says Laurans A. Mendelson, HEICO's chairman and chief executive officer.
