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HEICO acquires radiation detection company
HEICO Corporation’s Santa Barbara Infrared, Inc. (SBIR) subsidiary has acquired 85% of the business and assets of Sensor Technology Engineering, in an all cash transaction.
HEICO stated that it expects the acquisition to be accretive to its earnings within a year following the purchase. The company has not disclosed any other financial terms or details.
Goleta, California based, Sensor Tech, is a designer and manufacturer of nuclear radiation detectors for law enforcement, homeland security and military applications. The company’s two founders own the remaining 15% of the business and will continue to manage it in their existing roles. HEICO does not expect any staff turnover to result from the acquisition, a press release reads.
SBIR’s President & Co-Founder, Steve McHugh, stated, “We have known the Sensor Tech team for decades and are enthusiastic about adding this talented group, along with their important products to our Company.”
