A flagship company of Québec's aerospace sector strengthens its position as a world-class leader by acquiring Spain's CESA
MONTRÉAL, Oct. 2, 2017 /CNW Telbec/ - The Fonds de solidarité FTQ has granted Héroux-Devtek a $50 million dollar loan for the acquisition of Compana Espanola de Sistemas Aeronauticos (CESA), an Airbus subsidiary.
Héroux-Devtek Inc. is a Québec-based company specializing in the design, development, manufacture, integration, testing and repair and overhaul of landing gear and actuation systems and components for the aerospace market. The company, whose head office is in Longueuil, is the third largest landing gear company worldwide.
Following the transaction, Héroux-Devtek will have 1,697 employees worldwide, including 590 in Québec.
"In its strategic planning, the Fonds de solidarité FTQ has decided to invest more in the Québec's aerospace sector as at is an important part of our economy. Our investment in Héroux-Devtek for the strategic acquisition of CESA fits perfectly in this plan."
Normand Chouinard, Executive Vice-President, Investments, Fonds de solidarité FTQ
"With a series of key acquisitions since the mid-1980s, Héroux-Devtek has become a worldwide aerospace industry leader. This transaction will further strengthen the company's position in this sector of Québec's economy."
Jean Wilhelmy, Senior Vice-President, Aerospace, Infrastructures, Services and Transportation, Fonds de solidarité FTQ.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers.
SOURCE Fonds de solidarité FTQ
For further information: for media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile: 514 703-5587, Email: email@example.com