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HOLLYWOOD, Fla. and CAMARILLO, Calif., Sept. 12, 2013 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced it has entered into a definitive agreement to acquire Lucix Corporation, a leading designer and manufacturer of high performance, high reliability microwave modules, units, and integrated sub-systems for commercial and military satellites. The purchase will be made for an undisclosed amount of cash to be paid at closing and future potential cash payments if Lucix should meet certain performance criteria. Lucix's financial information was not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within the first year following the acquisition. The acquisition is subject to expiration of the regulatory waiting period and is expected to close within 60 days.
Founded in 1999, Lucix's products include converters, receivers, transmitters, amplifiers, frequency sources and related sub-systems that address all major satellite frequencies including UHF, L, S, C, Ku, Ka, and Q bands. The majority of its revenue is derived from commercial satellite payload hardware and its products can be found on more than 40 orbiting Geosynchronous Orbit ("GEO") satellites.
Headquartered in Camarillo, CA, Lucix employs approximately 140 people. Lucix's entire management team, led by its Chief Executive Officer, Dr. Mark Shahriary, will remain with the company in their existing positions and HEICO stated that it does not expect any employee turnover to result from the acquisition.
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Officer, commented, "Lucix is another perfect fit for HEICO. This acquisition expands our very successful satellite and space component operations by adding a team of some of the world's most admired designers and makers of satellite electronics. Mark Shahriary, a rare talent, together with his highly respected and talented team are well known experts in satellite design and production."
Dr. Shahriary remarked, "We couldn't be happier that we chose HEICO to be our new parent. They understand the absolute requirements for quality, service and innovation, while also understanding the importance of allowing Lucix to continue operating in the same manner as it has been run for many years. Joining with HEICO will also allow us to pursue many new opportunities."