AMR Corporation and HEICO Corporation Form Joint Venture; Alliance Formed by AMR and HEICO to Accelerate Development of New FAA Approved Replacement Parts

Business Wire, May 24, 2001

Business Editors

HOLLYWOOD, Fla.--(BUSINESS WIRE)--May 24, 2001

HEICO Corporation (NYSE:HEI)(NYSE:HEI.A) and American Airlines parent company, AMR Corporation (NYSE:AMR), today announced the formation of a joint venture between HEICO's Flight Support Group, HEICO Aerospace Holdings Corp. ("HEICO Aerospace"), and AMR Corporation ("AMR").

AMR will invest in a joint venture with HEICO which will accelerate development of additional FAA Approved Replacement Parts. In addition, AMR and HEICO Aerospace have agreed to cooperate with technical services and marketing support on a worldwide basis.

HEICO Aerospace is the world's leading independent designer, manufacturer, and distributor of FAA Approved Replacement Parts for jet engines and airframe components. Its customers include most airlines and airmotives worldwide which service large commercial aircraft jet engines and airframe components.

Eric A. Mendelson, HEICO Aerospace's President and Chief Executive Officer, commented "HEICO Aerospace has grown by responding to its customers' needs for new FAA Approved Replacement Parts. AMR's investment, along with their vast technical experience as an operator and overhauler of aircraft and engines will allow us to accelerate the development of new parts. We look forward to a successful alliance with AMR as we both continue to grow in the future."

Laurans A. Mendelson, HEICO Corporation's Chairman, President and Chief Executive Officer, stated, "This alliance represents the continuation of a carefully planned strategy to continue growing HEICO into a unique aerospace company. HEICO is proud to have American Airlines as its partner."

HEICO Corporation is engaged primarily in certain niche segments of the aerospace, defense and electronics industries through its Hollywood, FL-based HEICO Aerospace Holdings Corp. subsidiary and its Miami, FL-based HEICO Electronic Technologies Corp. subsidiary. HEICO's customers include a majority of the world's airlines and airmotives as well as numerous defense contractors and military agencies worldwide, including the United States Air Force and Navy in addition to communications and electronics manufacturers. HEICO has developed and successfully employs programs which emphasize principles to enhance its manufacturing operations and has followed highly focused marketing and product development programs to greatly expand product offerings and marketing reach following acquisitions. For more information concerning HEICO, please see our World Wide Web site at: http://www.heico.com/

Certain matters discussed in this press release include forward-looking statements which involve risks and uncertainties. HEICO's actual experience may differ materially from that discussed as a result of factors, including, but not limited to, lower commercial air travel, product specification costs and requirements, governmental and regulatory demands, competition on military programs, product pricing levels, HEICO's ability to make acquisitions and achieve operating synergies from such acquisitions, interest rates and economic conditions within and outside of the aerospace, defense and electronics industries. Parties receiving this material are encouraged to review all of HEICO's filings with the Securities and Exchange Commission, including, but not limited to filings on Forms 10-K, Forms 10-Q and Forms 8-K.