HEICO Corporation Subsidiary Acquires Highly Successful Pyramid Semiconductor
08 Março 2021 - 10:30AM
Business Wire
HEICO Corporation (NYSE:HEI) (NYSE:HEI.A) today announced that
its Electronic Technologies Group acquired the business, assets and
certain liabilities of highly successful Pyramid Semiconductor LLC
(“Pyramid”) from its founders for cash paid at closing. Additional
transaction details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to
its earnings within a year following the closing.
Founded in 2003, Sunnyvale, CA-based Pyramid is a specialty
semiconductor designer and manufacturer offering a well-developed
line of processors, static random-access memory (SRAM),
electronically erasable programmable read-only memory (EEPROM) and
Logic products on a diverse array of military, space and medical
platforms and are sold to numerous companies worldwide.
Joe Rothstein, Pyramid’s President, CEO and Co-Founder, along
with Co-Founder and Vice President of Operations Douglas Beaubien,
will continue with the business post-acquisition in their
pre-acquisition roles. Further, HEICO stated that it does not
expect any staff turnover to result from the acquisition and that
the business will continue to operate from its existing Sunnyvale,
CA facility.
The business will operate as a part of HEICO’s 3D PLUS USA
subsidiary, which is also located in the Silicon Valley area. 3D
PLUS USA supplies advanced high density 3D microelectronic
products, and die stacking and wafer level stacking technologies
for space and defense applications. 3D PLUS is known in the space
and defense industries for its innovative products found on very
demanding applications. Together, the two businesses will seek to
provide customers additional products and capabilities.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive
Officer, along with Victor H. Mendelson, HEICO’s Co-President and
CEO of its Electronic Technologies Group, remarked, “We welcome
Joe, Doug and the entire Pyramid team to the HEICO family. Pyramid
is an entrepreneurial company known for producing excellent
semiconductor products for hi-reliability applications and we look
forward to having these capabilities within HEICO. We are also
honored that Joe and Doug are entrusting us with the company they
worked so hard to build over nearly 20 years.”
Joe Rothstein and Douglas Beaubien commented, “From our initial
discussion with HEICO, we were excited to have our business join
forces with HEICO and 3D PLUS to expand our product offering and
market reach, while ensuring a good home for our company and our
team. We believe this transaction will serve our staff, customers
and all involved very well for the long-term.”
Timothee Dargnies, CEO of 3D PLUS USA, stated, “Pyramid and 3D
PLUS USA both supply advanced technology products for the most
stringent requirements to the most demanding customers and we are
committed to new efforts to expand our offerings and to reach
additional customers with advancing technology and excellent
service.”
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 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 as a result of factors including: the
severity, magnitude and duration of the COVID-19 Pandemic; HEICO’s
liquidity and the amount and timing of cash generation; lower
commercial air travel caused by the COVID-19 Pandemic and its
aftermath, 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; our ability to make acquisitions and achieve
operating synergies from acquired businesses; customer credit risk;
interest, foreign currency exchange and income tax rates; economic
conditions 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.
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Victor H. Mendelson (305) 374-1745 ext. 7590 Carlos L. Macau,
Jr. (954) 987-4000 ext. 7570
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