LONGUEUIL, QC, June 7 /CNW Telbec/ - Héroux-Devtek Inc. (TSX - HRX), a leading Canadian manufacturer of aerospace and industrial products, announces that Gilles Labbé and/or 2635-6246 Québec inc. and/or 2945-0228 Québec inc. - two companies controlled by Gilles Labbé, President and CEO of Héroux-Devtek, intends to sell up to 750,000 common shares of Héroux-Devtek. To this effect, Mr. Labbé has filed a notice of intention on the System for Electronic Document Analysis and Retrieval (SEDAR).
Mr. Labbé informed Héroux-Devtek that this sale is to facilitate his estate planning and that he does not have any intention of further decreasing his ownership of, or control over the common shares of Héroux-Devtek. As of this announcement, Mr. Labbé and the two aforementioned companies he controls owned a total of 4,422,001 common shares, representing 14.7% of the 29,991,867 outstanding common shares of Héroux-Devtek as of May 27, 2010.
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 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 Rivière-des-Prairies); Kitchener and Toronto, Ontario; Arlington, Texas; as well as Springfield, Cleveland 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: MaisonBrison: Martin Goulet, CFA, (514) 731-0000