Financial terms were not disclosed, but HEICO reiterated that it expects the acquisition to be accretive to its earnings per share.
Founded in 1946, Switchcraft is a leading designer and manufacturer of high performance, high reliability and harsh environment electronic connectors and other interconnect products. Switchcraft's products include connectors, jacks and plugs, cables, patch panels and switches utilized in aviation, broadcast/audio, defense, industrial, medical and other equipment. The company's offerings comprise over 25,000 standard and custom products serving growing end markets.
Switchcraft, which is headquartered in Chicago, Illinois, employs approximately 460 people at its design and manufacturing facilities located in Chicago; Villa Park, Illinois; and Inchon, South Korea. Switchcraft's management will remain with the company following the acquisition and HEICO stated that it does not expect any material employee turnover to result from the purchase. HEICO stated that it welcomes all of Switchcraft's Team Members to the HEICO family.
HEICO Corporation is engaged primarily in certain niche segments of the aviation, defense, space, medical, telecommunication and electronic 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 airmotives as well as numerous defense and space contractors and military agencies worldwide in addition to medical, telecommunication and electronic equipment manufacturers.