10:24 AM EDT, 10/01/2024 (MT Newswires) -- Heico's ( HEI ) electronic technologies group acquired a 92.5% stake in Marway Power Solutions for an undisclosed cash price.

Marway's executive management retained the remaining stake in the company, Heico ( HEI ) said Tuesday in a statement.

Heico ( HEI ) expects the acquisition to be accretive to earnings within the year after closing.

Paul Patel, Marway's chief executive officer, will continue to lead the Santa Ana, California-based company, which will continue operating from its engineering and manufacturing facility, Heico ( HEI ) said.

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