Agreements cover components for Gulfstream 550 and Boeing 737 aircraft
FARNBOROUGH, United Kingdom, July 19 /CNW Telbec/ - Héroux-Devtek Inc. (TSX:HRX), a leading Canadian manufacturer of aerospace and industrial products, today announced that Triumph Aerostructures - Vought Aircraft Division has awarded the Aerospace segment of Héroux-Devtek two new multi-year contracts valued in excess of $35 million Cdn. The stated contract values are based on current program expectations.
First, Progressive Inc., a business unit of Héroux-Devtek's aerostructure products operations located in Arlington, Texas, was awarded a long-term contract to manufacture aluminum wing ribs and other machined components for the Gulfstream 550 business jet program. Deliveries are scheduled to begin later in calendar year 2010 and continue through calendar year 2015. Illustrating the commonality, flexibility, and risk mitigation Héroux-Devtek offers to its clients, Progressive will manage the contract, but machining capacity will be shared with the Dorval, Québec facility.
The second long-term agreement was awarded to the landing gear products operations and involves the fabrication and delivery of torque tubes for the Boeing 737 program. Deliveries will begin in calendar year 2010 and will continue through calendar year 2015. Production will be carried out at the Laval, Québec facility.
"Héroux-Devtek is pleased to obtain these long-term agreements which build on our core competencies and validate our business strategy," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek. "The premier status of our landing gear products operations in torque tube manufacturing was further confirmed with this new contract on a well-established commercial aircraft program. In addition, the Gulfstream 550 contract perfectly illustrates the strategy of our aerostructure products operations to enhance customer diversification and improve balance between military and commercial business. Triumph Aerostructures - Vought Aircraft Division has been a long-time strategic customer and we are pleased with the confidence they have placed in Héroux-Devtek's capability and people."
About Héroux-Devtek, Inc.
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.
About Triumph Group, Inc.
Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. The company serves a broad, worldwide spectrum of the aviation industry, including original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components, as well as commercial and regional airlines and air cargo carriers.
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, Tel.: (450) 679-3330; MaisonBrison: Martin Goulet, CFA, Tel.: (514) 731-0000