KITCHENER, ON, May 10 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX) a leading Canadian manufacturer of aerospace and industrial products, today announced an important investment program at its Kitchener, Ontario landing gear facility. The program involves a total investment of $26.5 million to support its world class international customers. The Kitchener facility, Héroux-Devtek's centre of excellence in the fabrication of medium to large size landing gear components, currently employs 160 people.
The Ontario government will provide a financial contribution of $3.975 million in support of the project aimed at fostering innovation and further enhancing the facility's global competitiveness. Héroux-Devtek's wide-ranging investment program includes the purchase of state-of-the-art, highly automated equipment and the modernization of existing equipment. Such initiatives will also allow the Company to provide more value-added to its customers by fabricating increasingly large and complex major landing gear components.
"This investment program is another key milestone in the ongoing development of our Kitchener facility," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek. "Héroux-Devtek is committed to providing the very best quality and service for its customers and to continually invest in state-of-the-art technology and the skills of its employees. This program highlights the strategic importance of Kitchener for the Company's development and further solidifies our status as the third largest landing gear manufacturer in the world."
"Working with companies like Héroux-Devtek to stay at the forefront of their field helps keep our manufacturing sector competitive and attract jobs and investment to the province," added Sandra Pupatello, Minister of Economic Development and Trade of Ontario.
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; 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: Héroux-Devtek Inc.: Gilles Labbé, President and Chief Executive Officer, (450) 679-3330; MaisonBrison: Martin Goulet, CFA, (514) 731-0000