MIAMI and HIGHLAND HEIGHTS, Ohio, July 14, 2016 (GLOBE NEWSWIRE) -- HEICO Corporation (NYSE:HEI.A) (NYSE:HEI) today announced that its Flight Support Group Subsidiary, Inertial Aerospace Services, entered into a License Agreement with Northrop Grumman Corporation (NYSE:NOC) to perform the overhaul and repair of select inertial reference units and associated accessories. In conjunction with this agreement, Inertial Aerospace Services will receive Northrop Grumman’s parts inventory and test equipment for the Northrop Grumman licensed products. The agreement also provides access to technical data uniquely available from Northrop Grumman Corporation.
The Inertial Aerospace Services subsidiary of HEICO Repair Group currently offers overhaul and repair for most commercial aviation inertial navigation systems. This agreement expands Inertial Aerospace Services’ overhaul capabilities for the legacy Litton inertial navigation systems and related accessories. HEICO Repair Group is one of the world’s largest independent suppliers of repair and overhaul services for aircraft components, including hydraulic, pneumatic, electro mechanical, avionics, wheels/brakes, and flight surfaces.
Laurans A. Mendelson, HEICO’s Chairman and Chief Executive Officer and Eric A. Mendelson, HEICO’s Co-President, jointly commented, “We are pleased that Inertial Aerospace Services can enter into a mutually beneficial arrangement with Northrop Grumman that ensures excellent service will continue for these licensed products.”
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, FL-based Flight Support Group and its Miami, FL-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 web site at http://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: lower demand for commercial air travel or 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; HEICO's 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 costs and delay sales; HEICO's 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 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.