Heico Corporation acquires provider of F-16 spare parts

MIAMI, Aug. 20 (UPI) -- Majority control of Aerospace & Commercial Technologies, a provider of spare parts for F-16 fighters, has been acquired by the Heico Corporation.

Heico, which is engaged primarily in niche segments of the aviation and defense markets, said it now owns 80.1 percent of Texas-based ACT, which retains the remaining 19.9 percent of the company.

No details about the financials of the transaction were disclosed, however.

"ACT is another perfect fit for HEICO," Laurans A. Mendelson, HEICO's chairman and chief executive officer, and Eric A. Mendelson, HEICO's co-president, said in a joint statement. "This acquisition expands our reach into defense aftermarket support more actively and extends HEICO's business base in this important sector."

ACT will work in coordination with HEICO's Blue Aerospace subsidiary, which is also a Lockheed Martin F-16 licensee, to support the F-16 community worldwide.

Both companies will operate as separate entities. The current management team of ACT is expected to remain in place.

ACT supports all F-16 variants in operation in 27 countries with original equipment manufacturer products for airframes and systems.