11:12 AM EST, 11/04/2024 (MT Newswires) -- HEICO ( HEI ) said Monday that its Exxelia unit has acquired 70% of India-based SVM for an undisclosed sum paid in cash.

SVM's founder and managing director Ramprasad Meka will keep the remaining stake and remain in his leadership position, HEICO ( HEI ) said, adding that it plans for SVM to continue operating from its current facility in Chennai, India, and doesn't expect significant employee turnover from the acquisition.

HEICO ( HEI ) stated that it expects the acquisition to be accretive to earnings within the year following closing.

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