LONGUEUIL, QC, Sept. 24 /CNW Telbec/ - Héroux-Devtek Inc. (TSX : HRX) a leading Canadian manufacturer of aerospace and industrial products, today announced that its Landing Gear Division has signed a Memorandum of Understanding (MOU) with The Boeing Company (NYSE: BA) to manufacture the landing gear for the H-47F Chinook heavy-lift helicopter, including the CH-147 as it is known for the Canadian Forces.
Under the MOU, the Landing Gear Division is set to benefit from opportunities to fabricate, assemble, test and deliver the landing gear for H-47F aircraft scheduled to be delivered to customers outside the United States over a four-year period, expected to begin early in the Company's fiscal year 2012. Héroux-Devtek may also be considered for an intellectual property license to service variants in the worldwide fleet of Chinook aircraft, currently estimated at over 1,000 aircraft.
"We are very proud of these opportunities with Boeing, which further confirm our status as a leading landing gear manufacturer for the heavy-lift helicopter market," said Gilles Labbé, President and CEO of Héroux-Devtek. "Equally important is the aftermarket license, which would create good international visibility for Héroux-Devtek and provide recurring revenues throughout the life of the growing H-47F program. This MOU validates our diversification initiatives among various types of aircraft and programs, as well as supports our objective of maintaining an optimal balance between new component manufacturing and aftermarket services."
This MOU follows the Canadian government's August 10 announcement to order 15 new H-47F aircraft, to be designated CH-147 in Canada. The CH-147 will meet the Medium to Heavy Lift Helicopter (MHLH) needs of the Canadian Forces, and is part of the Canada First Defence Strategy. The Boeing MOU to Héroux-Devtek supports Boeing's Industrial & Regional Benefits commitment for the MHLH program.
The H-47F Chinook is a multi-mission, heavy-lift transport helicopter. Its primary mission is to move troops, artillery, ammunition, fuel, water, barrier materials, supplies and equipment on the battlefield. Its secondary missions include medical evacuation, disaster relief, search and rescue, aircraft recovery, fire fighting, parachute drops, heavy construction and civil development. The family of Chinook aircraft has been in U.S. Army service since 1962. In addition, Chinooks have served the armed forces of more than 15 international customers and performed in commercial service around the world.
Héroux-Devtek (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 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 65% 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 Rivière-des-Prairies); Kitchener and Toronto, Ontario; Arlington, Texas and Cincinnati, 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 Héroux-Devtek Inc.
For further information: For further information: Héroux-Devtek Inc.: Gilles Labbé, President and Chief Executive Officer, (450) 679-3330; MaisonBrison: Martin Goulet, CFA, (514) 731-0000