Heroux-Devtek Inc.
TSX : HRX

Heroux-Devtek Inc.

December 23, 2015 08:30 ET

Heroux-Devtek Extends Preferred Supplier Agreement for the Production of New Landing Gear Components

Five-year extension could represent total revenues of up to $100 million

LONGUEUIL, QUÉBEC--(Marketwired - Dec. 23, 2015) - Héroux-Devtek Inc. (TSX:HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products, today announced that it has extended a preferred supplier agreement with a leading aerospace systems manufacturer. The extension spans a five-year period through the end of calendar year 2023.

The strategic agreement is accompanied by orders to manufacture major, complex landing gear components for three large commercial aircraft programs. Based on current expectations for these three programs, the total value of this multi-year agreement could reach up to $100 million. Production will be mainly carried out at the Corporation's facilities located in Kitchener, Ontario and Laval, Québec.

"Héroux-Devtek is excited to further extend this important agreement which underlines its longstanding relationship with one of the world's leading aerospace companies. Reflecting a commitment to constantly invest in ultra-modern and highly-automated equipment, Héroux-Devtek has established a solid reputation as a world-class provider of high-quality, value-added landing gear components to leading global aerospace companies. We are looking forward to continue our partnership with this important customer and to jointly benefit from the strong order books for these important programs," said Martin Brassard, Vice-President and Chief Operating Officer of Héroux-Devtek.

PROFILE

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 75% of the Corporation's sales are outside Canada, including about 50% 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.

FORWARD-LOOKING STATEMENTS

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.

Contact Information

  • From:
    Heroux-Devtek Inc.
    Gilles Labbe
    President and Chief Executive Officer
    (450) 679-3330

    Contact:
    MaisonBrison
    Martin Goulet, CFA
    (514) 731-0000