About Thermal Structures, Inc.

Here's a HEICO haiku: HEICO companies/ Providing for jet engines/ In flight or on land. Its Flight Support Group, consisting of HEICO Aerospace and its subsidiaries, makes FAA-approved replacement parts for jet engines that can be substituted for original parts, including airfoils, bearings, and fuel pump gears. Flight Support also repairs, overhauls, and distributes jet engine parts, as well as avionics and instruments for commercial air carriers. HEICO's second segment, Electronic Technologies Group, makes a variety of electronic equipment for the aerospace/defense, electronic, medical, and telecommunications industries. The company has facilities in the US, Canada, India, Singapore, and the UK, among other locations.

Geographic Reach

HEICO has its operations and facilities in China, India, Singapore, Canada, France, Korea, the UK, and the US. The company markets its products and services in approximately 100 countries, with the US counting for 67% of its net sales.


HEICO's business is comprised of two operating segments, the Flight Support Group (FSG; 67% of net sales) and the Electronic Technologies Group (ETG; 33%).

FSG competes with industry leading OEMs and to a lesser extent with smaller, independent parts distributors. Historically, the three main jet engine OEMs, General ElectricPratt & Whitney, and Rolls Royce, have been the source of substantially all jet engine replacement parts for their own jet engines. HEICO is seeking to capture some of that market by adding new products at a rate of 400 manufacturer-approved parts (also called PMAs) per year.

Financial Performance

HEICO has achieved unprecedented growth over the years, with revenues jumping 12% from $1.01 billion in 2013 to peak at a record-setting $1.13 billion in 2014. Profits also surged 18% from $102 million in 2013 to $121 million in 2014, another company milestone. In 2014 cash flow from operating activities increased by 44% compared to 2013 primarily due to the surge in profits and favorable changes in accounts receivables, inventories, and accrued expenses.

The historic growth for 2014 was fueled by increases in both of its segments. FSG sales soared by 15% due to organic growth as well as additional net sales of $38 million from a previous acquisition. The organic growth reflected new product offerings and favorable market conditions resulting in net sales increases of $59 million within the aftermarket replacement parts and repair and overhaul services product lines.

The ETG revenue jump was fueled by additional net sales of $24 million from a previous acquisition as well as organic growth of approximately 2%. The organic growth reflected an increase in demand for certain space and aerospace products resulting in a net sales boost of $8 million and $2 million, respectively.

Mergers and Acquisitions

The company uses acquisitions to build out a diverse product and service portfolio in order to reduce exposure to cyclical swings in any single market. Its current set of offerings have broad-range applications in aircraft, missiles, ships, surveillance systems, computer and networking devices, telecom equipment, surgical equipment, CT scanners, and X-ray systems.

In 2015 its FSG segment completed the acquisition of 80% of the equity of Aeroworks International Holdings. The deal enhanced its design expertise and manufacturing capabilities. In 2014 FSG also acquired Quest Aviation Supply, a niche supplier of parts to repair thrust reversers on various aircraft engines.

In mid-2013 HEICO acquired Reinhold Industries, a leading producer of components in the solid rocket propulsion industry. Reinhold was subsequently folded into HEICO's Flight Support Group.

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Thermal Structures, Inc.

2362 Railroad St
Corona, CA 92880-5421
Phone: 1 (951) 736-9911


  • Employer Type: Public
  • President: Vaughn Barnes
  • Vice President: Gavin Lemon
  • Director Quality: Rick Mackay

Major Office Locations

  • Corona, CA

Other Locations

  • Plainfield, IN