LONGUEUIL, QUÉBEC--(Marketwired - Aug. 30, 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 long-term contract with Hanwha Corporation ("Hanwha") of the Republic of Korea ("South Korea") for the Design and Development phase of the KF-X fighter aircraft. This contract follows the signature of a Memorandum of Agreement with Hanwha, announced on February 17, 2016.
Under the terms of the contract, Héroux-Devtek is engaging with Hanwha in the Design and Development phase to jointly develop the landing gear system for the KF-X aircraft. Engineering, testing and qualification will be performed at the Corporation's engineering facilities located in Runcorn, UK and St-Hubert, Québec. Engineering work has already begun and will be spread out over several years.
The South Korean government has contracted Korea Aerospace Industry ("KAI") to develop the KF-X, a 4.5th generation fighter, while Héroux-Devtek and Hanwha are developing the aircraft's landing gear system for KAI. Based on current program expectations, mass production should start in 2023 and the first production aircraft should be delivered in 2026 with 120 fighters expected to be produced by 2032.
"The signature of this long-term contract confirms our participation on a new program that expands our global reach in the landing gear market. It also further enhances Héroux-Devtek's reputation as a leading provider of integrated landing gear solutions for the world's largest aerospace companies and we look forward to continuing our close collaboration with Hanwha, one of South Korea's leading aerospace systems manufacturers. Our strong engineering team is eager to demonstrate its world-class capabilities in the design and development of complete landing gear systems for various types of aircraft," said Martin Brassard, Vice-President and Chief Operating Officer of Héroux-Devtek.
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.
Hanwha Group was founded in 1952 as Korea Explosives. Over its 60-year history Hanhwa has powered Korea's economic growth and modernization. Now Hanwha has been leading the global machinery industry by leveraging the technology and expertise accumulated for more than half a century. Hanwha is the biggest defense & Aerospace company in Korea. With ceaseless technological development and innovation, the company has been producing high value-added machinery for various fields such as Hydraulic components, Flight Control Actuators (Hydraulic and/or Electrical) and Fuel System components, including landing gear system.
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.