HEICO Corporation has announced that its Electronic Technologies Group has acquired approximately 80% of the capital stock of technology component company Ironwood Electronics (Ironwood) for cash paid at closing, plus an additional cash consideration to be paid if Ironwood meets certain earnings targets. The balance of Ironwood’s shares will continue to be owned by Ironwood’s Chief Executive Officer, David Struyk, and other key managers. Further financial information was not disclosed.
HEICO stated that it expects the acquisition to be accretive to its earnings within the year following acquisition.
Founded in 1986, Ironwood is a leading designer and manufacturer of high-performance test sockets and adapters for both engineering and production use of semiconductor devices. Its products are utilized by, among others, semiconductor designers and manufacturers for critical validation and testing, as well as additional applications. Ironwood’s sockets and adapters are also used by technology and electronics designers and producers for both development and production purposes in their systems.