LONGUEUIL, QC, Nov. 4, 2013 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX), ("Héroux-Devtek" or the "Corporation" http://www.herouxdevtek.com), a leading Canadian manufacturer of aerospace products, today announces the temporary layoff of approximately 40 employees at its Longueuil facility due to a significant slowdown in landing gear repair and overhaul activities for the United States Air Force (USAF). The combined effect of reduced base defense budget funding, the continued sequestration situation and the recent U.S. government shutdown last October negatively impacted the USAF available budget for various programs.
Héroux-Devtek remains in close contact with this client. The Corporation is sincerely regretful for the affected employees, and although these reductions are unpredictable and beyond its control, it will inform them as soon as the USAF provides an updated plan for its various programs.
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. The Corporation also manufactures electronic enclosures, heat exchangers and cabinets for suppliers of airborne radar, electro-optic systems and aircraft controls through its Magtron operations. 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 Corporation. 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 Corporation'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:
President and Chief Executive Officer
Martin Goulet, CFA
Tel.: (514) 731-0000