HEICO boosts expertise in F-16 jet fighter maintenance with ACT acquisition
HOLLYWOOD, Fla., 31 Aug. 2015. HEICO Corp. in Hollywood, Fla., is boosting its expertise in maintaining Lockheed Martin F-16 jet fighters with its acquisition of F-16 maintenance, repair, and overhaul (MRO) specialist Aerospace & Commercial Technologies Inc. (ACT) in Fort Worth, Texas.
HEICO officials announced earlier this month they have acquired an 80.1-percent share of ACT, which can provide systems and airframe products for all delivered configurations and type versions of the more than 3,000 F-16s in operation worldwide in 27 countries.
ACT’s leadership team will keep 19.9 percent control of the company. ACT’s management team will remain with the company in their existing positions. HEICO officials say they do not expect any employee turnover to result from the acquisition. The purchase price and financial details were not disclosed.
ACT will work with HEICO’s Blue Aerospace LLC subsidiary in Tamarac, Fla., which also is a Lockheed Martin F-16 licensee, yet both companies will operate as separate entities.
This acquisition expands our reach into defense aftermarket support more and extends HEICO’s business base in this important sector," says Laurans Mendelson, HEICO’s chairman and CEO. "We expect synergies from ACT’s depth of engineering, manufacturing and repair capabilities and Blue’s extensive position in international markets.”
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.