Heico Corp. acquires aircraft antenna company
Heico Corporation says that its Electronic Technologies Group acquired all of the stock of Sensor Systems, Inc. (Sensor) for a combination of cash and approximately 575,000 Heico shares.
Chatsworth, California-based Sensor is a designer and manufacturer of airborne antennas for commercial and military applications. Sensor has been built-up over a more than 50 year period by husband and wife team of Seymour (Si) Robin and Mary (Betty) Bazar.
"Selling Sensor was a difficult decision, but we felt it was the right course of action to ensure the company's vitality. Betty, our family and I wanted to know that Sensor would have an excellent home that would continue its operations and growth in the same location and under the same name that we grew Sensor into the major industry participant it is today. We also wanted to be sure that our people would be respected and valued. Our family came to know the Mendelson family and HEICO over many years and we felt it is the only company that would operate the business as we would like," says Si Robin in a press release.
Heico stated that Sensor will continue operating as its own business producing its full product range from its existing approximately 50,000 square foot, multi-building facility in Chatsworth. Heico stated that it does not expect any material turnover among Sensor's approximately 200 person staff to result from the acquisition.