LONGUEUIL, QC, Nov. 23 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX) a leading Canadian manufacturer of aerospace and industrial products, today announced that the Toronto Stock Exchange ("TSX") has accepted a notice filed by Héroux-Devtek of its intention to renew its normal course issuer bid program. Under the terms of the normal course issuer bid, Héroux-Devtek may acquire 1,500,000 of its common shares, representing approximately 5% of the 30,555,253 issued and outstanding common shares of Héroux-Devtek as of November 19, 2009.
The Board of Directors of Héroux-Devtek believes that the purchase by the Company of its own common shares may, in appropriate circumstances, be a responsible investment of funds available.
The average daily trading volume of Héroux-Devtek's shares over the last six completed calendar months was 25,417. Accordingly, under TSX rules and policies, the Company is entitled on any trading day to purchase a maximum of 6,354 shares. The purchases may commence on November 25, 2009 and will terminate on November 24, 2010, or on such earlier date as Héroux-Devtek may complete its purchases pursuant to the notice of intention to make a normal course issuer bid filed with the TSX. National Bank Financial will act as agent for the duration of the program.
All shares purchased by the Company will be on the open market through the facilities of TSX in accordance with the policies of the TSX and will be surrendered by the Company to its transfer agent for cancellation. The prices that Héroux-Devtek will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition. In the last 12 months preceding the date hereof, Héroux-Devtek has repurchased 1,202,200 common shares at a weighted average price of $4.23 per share.
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 (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 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