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.
HEICO's Flight Support Group competes with industry leading OEMs and to a lesser extent with smaller, independent parts distributors. Historically, the three main jet engine OEMs, General Electric, Pratt & 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.
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 mid-2013 HEICO announced it was acquiring Reinhold Industries, a leading producer of components in the solid rocket propulsion industry. Reinhold will be folded into HEICO's Flight Support Group.
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