Héroux-Devtek reacts to Bombardier Learjet 85 announcement
15 Jan, 2015, 17:00 ET
LONGUEUIL, QC, Jan. 15, 2015 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX), ("Héroux- Devtek" or the "Corporation"), a leading Canadian manufacturer of aerospace products, today stated it is assessing the ramifications of today's announcement by Bombardier Inc. (TSX: BBD.B) to pause its Learjet 85 business aircraft program due to "the continued weakness of the Light aircraft category since the economic downturn". Héroux-Devtek is the developer and supplier of the complete landing gear system for the aircraft.
"In the context of Bombardier's decision, Héroux-Devtek will carefully assess the situation and its potential impact on our operations. We remain confident to reach our objective of achieving annual sales of $500 million by fiscal 2019," stated Gilles Labbé, President and Chief Executive Officer.
Héroux-Devtek Inc. (TSX: HRX) is a Canadian company specializing in the design, development, manufacture and repair and overhaul of landing gear and actuation 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. On a pro forma basis, approximately 75% of the Corporation's sales are outside Canada, including 50% 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; Springfield and Cleveland, Ohio; Wichita, Kansas; and Runcorn, Nottingham and Bolton, United Kingdom.
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: From: Héroux-Devtek Inc., Gilles Labbé, President and Chief Executive Officer, Tel.: (450) 679-3330; Contact: MaisonBrison, Martin Goulet, CFA, Tel.: (514) 731-0000
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