HEI - Heico acquires 80% of Ironwood Electronics terms not disclosed
- HEICO ( NYSE: HEI ) has announced that its Electronic Technologies Group acquired ~80% of the capital stock of technology component company Ironwood Electronics, for cash paid at closing, plus additional cash consideration to be paid if Ironwood meets certain earnings targets.
- The balance of Ironwood's shares will continue to be owned by Ironwood's CEO, David Struyk, and other key managers, further financial information was not disclosed.
- HEICO stated that it expects the acquisition to be accretive to its earnings within the year following acquisition.
- "We wanted to partner with a successful and growing company which would be dedicated to our people and our customers." said David Struyk, Ironwood's principal shareholder and CEO.
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Heico acquires 80% of Ironwood Electronics, terms not disclosed