HEICO Corporation Subsidiary Acquires Highly Successful Pyramid Semiconductor
Summary
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. 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. HEICOs 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.