HEICO Corp., based in Miami, announced plans Thursday to acquire Switchcraft, a Chicago-based manufacturer of connectors and interconnect products for the aviation, defense and medical device market. Financial terms of the acquisition were not disclosed.
"Switchcraft significantly broadens our interconnect offering by adding many products to our business which we do not now offer and by adding customers not presently served by HEICO. We believe the growth opportunities are many," said Victor H. Mendelson, HEICO's co-president.
Switchcraft employs approximately 460 people at its design and manufacturing facilities located in Chicago; Villa Park, Ill., and Inchon, South Korea. Switchcraft's management will remain with the company following the acquisition. Completion of the purchase is expected within 90 says, subject to regulatory approvals.