EXTON, PA — Innovative Solutions & Support, Inc. (Nasdaq: ISSC) has entered an exclusive license agreement with Honeywell International, Inc. to acquire key assets and rights to certain communication and navigation products. This move builds upon a similar deal completed in June 2023.
The agreement grants IS&S the intellectual property rights to manufacture, upgrade, and repair an expanded range of Honeywell’s communication and navigation products. The acquired assets include existing inventory essential for these operations.
“We are pleased by the opportunity to license these additional product lines from Honeywell, which is consistent with our growth strategy, and builds on the successful transaction completed last year,” said Shahram Askarpour, CEO of IS&S. “These new products will strengthen our offerings in air transport, business aviation, and military markets. They will help us form new customer relationships and optimize our Exton manufacturing facility.”
The product lines licensed from Honeywell have already created new revenue streams and enhanced operational efficiencies for IS&S. The company anticipates similar benefits from the new assets.
“The additional product lines licensed from Honeywell are complementary to our legacy product portfolio, consistent with the key pillars of our acquisition strategy,” stated Jeff DiGiovanni, CFO of IS&S. “Following the transaction, we maintain a strong financial profile, with our cash and availability under our existing credit facility providing us ample liquidity to support ongoing operations, as well as the financial flexibility to pursue our growth objectives, including additional potential acquisitions, which is becoming an important part of our growth strategy.”
By integrating these new assets, IS&S aims to bolster its market presence and drive future growth. This strategic acquisition underscores the company’s commitment to expanding its capabilities and delivering advanced solutions to its customers.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.