LONGUEUIL, QUEBEC--(Marketwired - Nov. 10, 2016) - Héroux-Devtek Inc. (TSX:HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products, today announced that it has signed a contract with UK-based BAE Systems for the production of complete landing gear shipsets for the Hawk advanced jet trainer aircraft.
Under the terms of the agreement, Héroux-Devtek will manufacture and assemble complete landing gear replacement shipsets and hydraulic actuators to be delivered to BAE Systems. The shipsets will be installed on the fleet of an export Hawk customer as part of their planned aircraft maintenance program. These new replacement shipsets will help allow that customer to significantly extend the service life of the aircraft.
The value of the contract is estimated at approximately $11.0 million, based on current exchange rates. Deliveries are expected to begin in early calendar 2018 and extend through approximately mid-calendar 2019.
"The Hawk is an important, longstanding program for Héroux-Devtek's UK operations. We designed the landing gear for the aircraft and this contract highlights the extent over which revenues from life-cycle design programs can be earned. We are pleased to continue providing high-quality systems and components to leading OEMs of the global aerospace industry and aircraft operators," said Martin Brassard, Vice-President and Chief Operating Officer of Héroux-Devtek.
The Hawk is the world's leading advanced jet trainer with over 1,000 aircraft sold to 18 nations around the world.
Héroux-Devtek Inc. (TSX:HRX) is an international company specializing in the design, development, manufacture and repair and overhaul of landing gear and actuation systems and components for the Aerospace market. The Corporation is the third largest landing gear company worldwide, supplying both the commercial and defence sectors of the Aerospace market with new landing gear systems and components, as well as aftermarket products and services. The Corporation also manufactures hydraulic systems, fluid filtration systems and electronic enclosures. Approximately 80% of the Corporation's sales are outside Canada, including about 55% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in the Greater Montreal area (Longueuil, Laval and St-Hubert); Kitchener, Cambridge and Toronto, Ontario; Springfield and Strongsville, Ohio; Wichita, Kansas; Everett, Washington; and Runcorn, Nottingham and Bolton, United Kingdom.
Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of the Corporation. These statements are based on suppositions and uncertainties as well as on management's best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for the Corporation's products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.