3D PLUS subsidiary acquires TRAD
LABEGE, FRANCE and MIAMI, FL / ACCESSWIRE / October 3, 2022 / HEICO Corporation today announced that its 3D PLUS subsidiary acquired TRAD SAS ('TRAD') for all cash consideration paid at closing. 3D PLUS is part of HEICO's Electronic Technologies Group. Further financial details were not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within a year after closing.
Labege, France-based TRAD is a leader in the highly specialized field of radiation engineering, which includes test and simulation of radiation effects on electronic components and materials, developing and providing software for radiation testing and effects modeling, and sourcing/screening radiation tolerant and radiation hardened components for its customers. TRAD's services and products are used primarily in the space, nuclear and medical fields.
HEICO believes TRAD is the most advanced and exhaustive independent business of its kind. TRAD's internal testing capabilities include GAMRAY - Gamma (Co60) radiation, ISO 1702, Pulsed laser, VASCO -Californium (Cf252) source, UV mean, Thermal cycling, solar protons, SWIPI - Solar protons simulator, VEISPA - Radiation belts electron generator, along with access to external facilities for heavy ions, protons, neutrons, high dose rate gamma and other modalities. Examples of tests TRAD offers are Total Ionizing Dose ('TID'), Single Event Effects ('SEE') and Total Non-Ionizing Dose ('TNID').
TRAD's customers include the world's leading space agencies, major satellite integrators, and a multitude of subsystems and electronic components manufacturers. TRAD proudly collaborates with many prestigious research laboratories and universities.
TRAD was founded in 1994 and built up by its CEO, Dr. Christian Chatry, and, soon after, by the Company's now Vice President of Operations, Dr. Nathalie Chatry. The Chatrys added critical capabilities and established TRAD in an important industry place for understanding radiation's and other conditions' impact on electronic components. TRAD employs approximately 75 people at its Labege and Montpellier, France facilities. Nearly two-thirds of TRAD's Team Members are degreed engineers and the Company counts 15 PhD-holders among them.
The Chatrys will continue leading TRAD in their same positions post-closing and HEICO stated that it does not expect any staff turnover to result from the acquisition. Further, HEICO commented that TRAD will remain in its existing facilities.
'We are excited to embark on a new stage of development with HEICO. We really appreciate the values of the Mendelson Family, which match perfectly those of TRAD. Our goal to develop TRAD into a world leader in radiation effect for microelectronic devices and sub-systems for harsh environments, serving the aeronautic, defense, space and medical markets will be accelerated under the HEICO and 3D PLUS impulse.'
Laurans A. Mendelson, HEICO's Chairman and Chief Executive Office, along with Victor H. Mendelson, HEICO's Co-President and CEO of its Electronic Technologies Group, commented, 'TRAD is a truly unique and special company which fits perfectly with our Company. The opportunity to work with TRAD's talented and highly-respected team is exciting. We are delighted to have Christian and Nathalie Chatry, along with all of TRAD's Team Members, join the HEICO family.'
Pierre Maurice Co-Founder and CEO of HEICO's Buc, France-based 3D PLUS subsidiary, commented, 'We became well-acquainted with TRAD as a customer over many years in which we were deeply impressed by their services and software which we used for our own components that we make for satellites and spacecraft. This relationship and 3D PLUS' experience with TRAD led to a mutual desire between TRAD and 3D PLUS for the company to be acquired by 3D PLUS. We are eager to be joined and to do exceptional work together.'
3D PLUS is a French Medium enterprise, world leader in the design and manufacturing of high-performance and high reliability components miniaturized with its unique 3D vertical interconnect technology. With more than 200,000 modules into space and a production of more than 30,000 space qualified modules per year in its facility nearby Paris, 3D PLUS provides all stakeholders of the global space industry for over 20 years for telecommunications applications, Earth observation, navigation, launchers and human spaceflight, science missions, small satellites and constellations.
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, but not limited to: the severity, magnitude and duration of the Pandemic; HEICO's liquidity and the amount and timing of cash generation; lower commercial air travel caused by the 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, including the effects of inflation, 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.
Victor H. Mendelson (305) 374-1745 ext. 7590
Carlos L. Macau, Jr. (954) 987-4000 ext. 7570
SOURCE: HEICO Corporation
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