Contribution will support Héroux-Devtek's research and development of
new technologies for complete new landing gear systems
LONGUEUIL, QC, March 28, 2013 /CNW Telbec/ - Héroux-Devtek Inc. (TSX:
HRX) ("Héroux-Devtek" or the "Corporation"), a leading Canadian
manufacturer of aerospace products, is pleased to announce that
Industry Canada is providing the Corporation with a repayable loan
contribution of up to $48.9 million. The funds will be used to support
Héroux-Devtek's engineering efforts in connection with the research and
development of new technologies for complete new landing gear systems.
The investment will be over a five-year period and the contribution
will become gradually repayable one year following the end of that
The investment is being made through the Government of Canada's
Strategic Aerospace and Defence Initiative ("SADI"), which supports
strategic industrial research and pre-competitive development projects
in the aerospace, defence, space and security industries.
"Héroux-Devtek welcomes this opportunity to partner with the Government
of Canada through SADI, as we look to further enhance our competitive
position in the landing gear market by leveraging our world-class
skills and know-how through the development of value-added products and
services," said Gilles Labbé, President and CEO of Héroux-Devtek. "As
the aerospace industry is increasingly global in scope, it is important
for our government to support Canadian companies that export their
technologies around the world. In the last decade, Héroux-Devtek has
aggressively invested in the development of complete landing gear
systems. This allowed us to participate as system integrator in many
important programs, both in the commercial and military aerospace
market, and to establish new business relationships with several of the
world's leading OEMs."
"The Government of Canada recognizes the international calibre of our
country's aerospace and defence sector," said the Honourable Christian
Paradis, Minister of Industry. "Companies such as Héroux-Devtek
consistently perform innovative research and development. Since 2007,
SADI investments have built economic and technological advantages
across supply chains. They have had positive effects on multiple
Canadian suppliers, helping to attract and retain highly qualified
people to work in this country's aerospace and defence sector."
ABOUT HÉROUX-DEVTEK INC.
Héroux-Devtek Inc. (TSX: HRX) is a Canadian company specializing in the
design, development, manufacture and repair and overhaul of landing
gear systems and components for the Aerospace market. The Corporation
is the third largest landing gear company worldwide, supplying both the
commercial and military sectors of the Aerospace market with new
landing gear systems and components, as well as aftermarket products
and services. Approximately 70% of the Corporation's sales are outside
Canada, mainly 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 and Toronto, Ontario;
as well as Springfield and Cleveland, Ohio.
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:
President and Chief Executive Officer
Tel.: (450) 679-3330
Martin Goulet, CFA
Tel.: (514) 731-0000