Heico’s Sunshine Avionics acquires assets from Honeywell, terms not disclosed

HEICO Corporation (HEI) announced its Sunshine Avionics subsidiary entered into an exclusive license and acquired key assets from Honeywell International (HON) that will provide the capability to support the Boeing 737NG/777 Cockpit Displays and Legacy Displays product lines. The transaction was structured as an exclusive perpetual license and asset purchase. Sunshine Avionics is part of HEICO’s Flight Support Group. Transaction terms and financial details were not disclosed. HEICO stated that it expects the exclusive license and asset acquisition to be accretive to its earnings in the year following closing. Honeywell has been one of the commercial aviation industry’s leading cockpit display providers. Honeywell’s latest Display Unit Phase 3 upgrade for the Boeing 737NG/777 is equipped with the latest glass and LED backlight technology to provide a clear picture of critical airplane systems, allowing pilots to safely navigate their passengers to millions of destinations a year. The DU Phase 3 upgrade addresses obsolescence and avoids failures on older discontinued Phase 1 or 2 displays, while also providing lighter weight, higher reliability, and lower operating costs. This exclusive transaction will provide Sunshine Avionics with the capability to produce, sell, and repair Boeing 737NG/777 Cockpit Displays as well as other Legacy Displays for Boeing 717, ATR, and select business and general aviation aircraft. Following a transition period, Sunshine Avionics, from its recently expanded Miramar, FL facility, will be responsible for the activities formerly performed by Honeywell.