- Heico Corp (NYSE:HEI) has acquired 100% of the stock of Charter Engineering, Inc. for cash. Financial details were not disclosed.
- HEICO expects the acquisition to be accretive to its earnings within the year following the acquisition.
- Pinellas Park, FL-based Charter designs and manufactures a complete line of RF and Microwave coaxial switches for the aerospace, defense, commercial, Automated Test Equipment (ATE), and instrumentation markets.
- Charter will operate as part of HEICO Electronic Technologies Group’s dB Control subsidiary and will complement dB’s switch offering that was added through its Paciwave acquisition last year.
- Heico held cash and cash equivalents of $117.32 million as of April 30, 2022.
- Charter was founded in 1990 by Keith Charti, who will remain with Charter after the acquisition. Heico does not anticipate any material staff turnover among Charter’s one dozen team members.
- Price Action: HEI shares are trading lower by 0.48% at $156.95 on the last check Tuesday.
Wells Fargo Maintains Equal-Weight on Honeywell Intl, Lowers Price Target to $180
Wells Fargo analyst Joseph O'Dea maintains Honeywell Intl (NASDAQ:HON) with a Equal-Weight and lowers the price target from $183 to $180.
