Florida-based aerospace and electronics firm HEICO Corporation has reportedly announced to have purchased Specialty Silicone Products, Inc., through its subsidiary Electronic Technologies Group in an all cash deal. As per trusted sources, HEICO anticipates that the latest takeover would be valuable for the company and boost its revenue in the next year.
Reportedly, Specialty Silicone Products would be part of Electronic Technologies Group which consists of businesses that specialize in the manufacturing and design of mission-critical, highly-engineered products that must successfully function in the toughest environments.
As per the convention formed by previous acquisitions of HEICO, the entire management team of Specialty Silicone Products would remain with the firm in its pre-existing positions and no material staff turnover is anticipated post-takeover, stated a press release issued by HEICO.
Headquartered in Ballston Spa, New York, Specialty Silicone Products was founded in 1989 and has now established itself as one of the foremost manufacturers and designers of silicone materials for an assortment of demanding applications including pharmaceuticals, testing, oil & gas, research, defense, and aerospace.
The firm has been a pioneer and a consistent innovator within the silicone manufacturing industry. It operates out of a 52,000 square feet advanced facility in Ballston Spa and currently employs about 70 team members.
HEICO’s Co-President and Chief Executive Officer of the Electronic Technologies Group Victor H. Mendelson and the Chairman and Chief Executive Officer of HEICO Corporation Laurans A. Mendelson issued a joint statement that noted that both the firms admire the commitment to excellence of Specialty Silicone Products and its focus on the needs of customers. During the negotiations, both the companies realized that the team of Specialty Silicone Products was best suited to the culture of the overall group, the statement further added.
Financial terms and details of the deal are yet to be revealed, cite sources.