Heico acquires National Standard

NILES, Mich. (Sept. 25)—Heico Companies L.L.C., the parent of tire component machinery makers Steelastic Co. and Bartell Machinery Systems Corp., has added bead wire maker National Standard Co. to its portfolio. The deal, carried out by Heico´s NS Acquisition Corp. subsidiary, is valued at approximately $5.8 million, and will make heretofore publicly held National Standard a wholly owned subsidiary of Heico. Besides bead wire, National Standard makes welding wire, stainless steel spring and specialty wire and plated wire. Fiscal 2000 sales are expected to be approximately $160 million. Sales to the tire and rubber products industry were $50 million in fiscal 1999. Through the first nine months of 2000, National Standard had posted a net loss of $2.75 million on sales of $121 million.