Heico subsidiary acquires Sensor Technology Engineering
Heico announced that its Santa Barbara Infrared, or SBIR, subsidiary acquired 85% of the business and assets of Sensor Technology Engineering in an all cash transaction. SBIR is part of Heico's electronic technologies group. Heico stated that it expects the acquisition to be accretive to its earnings within a year following the purchase. Further financial terms and details were not disclosed. Sensor Tech is the designer and manufacturer of sophisticated nuclear radiation detectors for law enforcement, homeland security and military applications. Sensor Tech's two founders own the remaining 15% of the business and will continue to manage it in their existing roles. Heico stated that it does not expect any staff turnover to result from the acquisition.