HOLLYWOOD, Fla. & BEAVERTON, Ore., Nov. 7 -- Hollywood, Fla.-based Heico said Friday it bought all the stock of Engineering Design Team (EDT), based in Beaverton, and most of the assets of an EDT affiliate for cash. Financial terms were not disclosed.
EDT makes products that link devices such as telemetry receivers, digital cameras, high-resolution scanners, simulation systems and test systems to computers. Founded in 1987 by David Lowry, current president, and Chet Britten, current vice president, EDT has about 25 employees. Heico said it has no plans for employee turnover in Beaverton and that current management will remain.
Heico is engaged primarily in certain niche segments of the aviation, defense, space and electronics industries through its Hollywood-based Heico Aerospace Holdings Corp. subsidiary and its Miami-based Heico Electronic Technologies Corp. subsidiary.
The company announced earlier last week that its Flight Support Group, through Heico Aerospace Holdings, bought a 51 percent interest in in Seal Dynamics, for cash. Seal, based in Deer Park, N.Y., makes hydraulic, pneumatic, mechanical and electromechanical components for the commercial, regional and general aviation markets. The remaining 49 percent of Seal will continue to be owned primarily by David J. Susser, Seal's president and CEO. Susser and SDI's other senior managers will continue in their current positions, and Heico said it doesn't expect any employee turnover at Seal.
Heico said its aerospace unit will broaden its product portfolio of aircraft parts, and other industrial products, with the deal.
For more information, visit: www.heico.com