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About Thermal Structures, Inc.

As one of the world's largest independent providers of aircraft replacement parts, HEICO Corporation helps jets get airborne. Its Flight Support Group 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 generates about 65% of revenue in the US.


HEICO's business includes two operating segments: Flight Support Group (FSG, about 60% of net sales) and Electronic Technologies Group (ETG, nearly 40%).

FSG, through HEICO Aerospace Holdings and HEICO Flight Support, makes jet engine and aircraft component replacement parts. The segment also repairs and distributes jet engine and aircraft components, avionics, and instruments and manufactures thermal insulation products and other component parts primarily for aerospace, defense, industrial, and commercial applications. 

Through HEICO Electronic Technologies and its subsidiaries, the ETG segment designs and makes a wide range of electronic, microwave, and electro-optical products, including simulation and test equipment, electrical and back-up power supplies, underwater locator beacons, cable assemblies, high voltage power supplies, and radio frequency and microwave amplifiers.

Geographic Reach

Florida-based HEICO has operations and facilities in some 15 countries across Asia, Europe, and the Americas. The company markets its products and services in approximately 115 countries, with the US accounting for about 65% of net sales.

Sales and Marketing

HEICO sells its products through in-house personnel and independent manufacturers' representatives. It targets a broad customer base consisting of domestic and foreign commercial and cargo airlines, repair and overhaul facilities, OEMs, domestic and foreign military units, defense industry manufacturers, and medical, telecommunications, scientific, and industrial companies.

The commercial aviation industry accounts for nearly 55% of sales, with the defense and space industries generating about 35%, and electronics, medical, and other industrial markets bringing in the rest. Net sales to its five largest customers account for around 20% of net sales.

Financial Performance

Powered primarily by acquisitions, HEICO has achieved substantial growth over the years with revenue rising 57% since 2014 and net income jumping 114%.

In 2018 the company reported record revenue of $1.8 billion, up 17% from the prior year. The results were powered almost equally by the Flight Support Group and Electronic Technologies Group segments as a result of acquisitions as well as strong organic growth of 8% and 6%, respectively.

Net income was also up that year, increasing 39% to a record $259 million, on HEICO's revenue growth and the favorable impact of the 2017 Tax Act.

Cash at the end of 2018 was $59.6 million, an increase of $7.5 million from the prior year. Cash from operations contributed $328.5 million to the coffers, while investing activities used $113.5 million, mainly for acquisitions and capital expenditures. Financing activities used another $207.5 million for credit payments primarily.


Although known for its aggressive acquisition strategy, HEICO has also seen strong organic growth in recent years as it ups its investments in research & development (R&D). The company spent $57.5 million in R&D in 2018, compared to $46.5 million and $44.7 million in 2017 and 2016, respectively. Its Flight Support Group segment has been adding new products to its line at a rate of some 300-500 PMAs (Parts Manufacturer Approvals) per year.

Mergers and Acquisitions

HEICO uses acquisitions to build out a diverse product and service portfolio in order to reduce exposure to cyclical swings in any single market. The company has completed some 70 acquisitions since 1990.

Its 2019 purchases include an 80% stake in Quell Corporation, a maker of electromagnetic interference (EMI)/radio-frequency interference (RFI) filters used to protect electronic equipment; TTT-Cubed, a leading maker of RF sources, detectors, and controllers for certain aerospace and defense applications; France-based BERNIER, an interconnect products manufacturer; and 75% of Research Electronics International, a leading maker of equipment to detect devices used for espionage and information theft. 

HEICO picked up 95% of Apex Microtechnology, a leading designer and manufacturer of precision power components, the prior year. Other acquisitions in 2018 include  silicone materials maker Specialty Silicone Products; Optical Display Engineering, which repairs LCD screens and display modules used in civilian and military aircraft; and the Emergency Locator Transmitter Beacon product line of Instrumar Limited.

Company Background

Founded in 1957 as Heinicke Instruments to make laboratory products, the company moved into jet engine parts in 1974 with the acquisition of Jet Avion. The company changed its name to HEICO (a shortened version of its previous name) in 1985.

Thermal Structures, Inc.

2362 Railroad St
Corona, CA 92878-5421
Phone: 1 (951) 736-9911

Firm Stats

Employer Type: Privately Owned
Production Engineering Mgr: Javier Garcia
Director Quality: Rick Mackay
Information Technology Interne: Nick Todd
Employees (This Location): 270
Employees (All Locations): 330

Major Office Locations

Corona, CA

Other Locations

Corona, CA
Plainfield, IN