Seven-year, $70-million agreement part of Canada's Industrial and
Regional Benefits Policy
LE BOURGET, France, June 21, 2011 /CNW Telbec/ - Héroux-Devtek Inc.
(TSX: HRX), a leading Canadian manufacturer of aerospace and industrial
products, today announced that it has been awarded a seven-year
contract by Lockheed Martin Aeronautics Company to manufacture the
landing gear for the C-130J Super Hercules aircraft.
Under the terms of the agreement, Héroux-Devtek will manufacture and
assemble the landing gear for Lockheed Martin's global production of
C-130J aircraft and provide spare parts over a seven-year period
beginning in January 2012. Based on current program expectations, the
contract has a potential total value of approximately $70 million.
Following procurement of 17 aircraft by the Government of Canada, known
as CC-130J for the Canadian Forces, as well as by other nations around
the world, production of the C-130J aircraft is expected to rapidly
ramp-up over the short-to-mid-term. This contract is also part of
Canada's Industrial and Regional Benefits ("IRB") Policy.
"Héroux-Devtek has been actively involved for over 25 years on this
highly successful program. Moreover, we have developed a proven
expertise over the last 15 years as a reliable manufacturer of new
C-130J landing gear, recognized for our solid performance, high quality
and on-time deliveries. This strategic long-term contract further
demonstrates our leadership in the military landing gear market.
Héroux-Devtek is proud to support Lockheed Martin by further
contributing to the longest continuous military production program in
history," said Gilles Labbé, President and Chief Executive Officer of
"The Government of Canada congratulates Héroux-Devtek on its latest
contract with Lockheed Martin," said the Honourable Christian Paradis,
Minister of Industry. "We are pleased that this investment, through the
IRB Policy, is helping to grow the economy and create quality
employment for the highly skilled Canadians in the aerospace sector.
Today's announcement is another example of the successful integration
of Canadian firms into global value chains, which is continuing to
strengthen our economy."
"It is world-class suppliers such as Héroux-Devtek that make the C-130J
Super Hercules the success that it is" said Lorraine Martin, Lockheed
Martin's Vice President for C-130 Programs. "The C-130J operates in
some of the harshest environments in the world and the ability to
operate from rough, austere runways requires efficient, reliable
landing gear. We are proud of our relationship with Héroux-Devtek and
look forward to many more years of successful take offs and landings."
About Héroux-Devtek Inc.
Héroux-Devtek Inc. (TSX: HRX), a Canadian company, serves two main
market segments: Aerospace and Industrial Products, specializing in the
design, development, manufacture and repair and overhaul of related
systems and components. Héroux-Devtek Inc. supplies both the commercial
and military sectors of the Aerospace segment with landing gear systems
(including spare parts, repair and overhaul services) and airframe
structural components. The Company also supplies the industrial segment
with large components for power generation equipment and precision
components for other industrial applications. Approximately 70% of the
Company's sales are outside Canada, mainly in the United States. The
Company's head office is located in Longueuil, Québec with facilities
in the Greater Montreal area (Longueuil, Dorval, Laval and St-Hubert);
Kitchener and Toronto, Ontario; Arlington, Texas; as well as
Springfield, Cleveland and Cincinnati, Ohio.
About Lockheed Martin Corporation
Headquartered in Bethesda, Md., Lockheed Martin is a global security
company that employs about 126,000 people worldwide and is principally
engaged in the research, design, development, manufacture, integration
and sustainment of advanced technology systems, products and services.
The Corporation's 2010 sales from continuing operations were $45.8
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 Company. 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 Company'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.
SOURCE HEROUX-DEVTEK INC.
For further information:
| From: |
| Héroux-Devtek Inc. |
President and Chief Executive Officer
Tel.: (450) 679-3330
| Contact: |
| MaisonBrison |
Martin Goulet, CFA
Tel.: (514) 731-0000