Business

Heico buys majority stake in maker of F-16 parts

By Hannah Sampson

hsampson@MiamiHerald.com
In this file photo from May 15, 2015, a boneyard crew tows an F-16 Fighting Falcon aircraft prior to the preservation process after its arrival at the 309th Aerospace Maintenance and Regeneration Group at Davis-Monthan Air Force Base in Tucson, Ariz. South Florida-based Heico Corp. just acquired the majority of a company that makes parts for the jets.
In this file photo from May 15, 2015, a boneyard crew tows an F-16 Fighting Falcon aircraft prior to the preservation process after its arrival at the 309th Aerospace Maintenance and Regeneration Group at Davis-Monthan Air Force Base in Tucson, Ariz. South Florida-based Heico Corp. just acquired the majority of a company that makes parts for the jets. Matt York AP

Heico Corporation, a niche technology firm with operations in Miami, said this week that it acquired the majority of a Texas company that manufactures parts for F-16 aircraft.

Heico acquired 80.1 percent of Aerospace & Commercial Technologies; the existing ACT leadership team will hold on to 19.9 percent of the company.

Financial details about the transaction were not disclosed. The management team at the Fort Worth company will stay in place and Heico said it did not expect the acquisition to lead to any employee turnover.

ACT, which was founded in 2002, makes parts for the airframes and systems on F-16 fighter jets.

Executives at Heico, which deals in aviation, defense, space, medical, telecommunications and electronics products, said in a statement that ACT was a “perfect fit.”

“This acquisition expands our reach into defense aftermarket support more actively and extends HEICO’s business base in this important sector,” the statement said.

This story was originally published August 20, 2015 at 8:16 PM with the headline "Heico buys majority stake in maker of F-16 parts."

Get unlimited digital access
#ReadLocal

Try 1 month for $1

CLAIM OFFER