LONGUEUIL, QUÉBEC–(Marketwired – March 27, 2017) – Héroux-Devtek Inc. (TSX:HRX) (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, today informs of a development in regards to its business with the U.S. Air Force (“USAF”). Following a request for proposal from USAF, Héroux-Devtek jointly submitted a bid for a comprehensive Performance Based Logistics contract to provide total supply chain management for all landing gear parts requirements for the C-130, KC-135 and E-3 aircraft. The Corporation’s joint bid has not been selected by USAF.
The Corporation remains under contract with USAF for the provision of landing gear repair and overhaul (“R&O”) services, as well as the manufacturing and delivery of certain aftermarket components for these aircraft. Héroux-Devtek anticipates that its business volume based on the terms of the current agreement will gradually phase out over the course of its fiscal year ending March 31, 2019.
Management is presently evaluating its available options under current procedures.
Héroux-Devtek Inc. (TSX:HRX) is an international 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 defence sectors of the Aerospace market with new landing gear systems and components, as well as aftermarket products and services. The Corporation also manufactures hydraulic systems, fluid filtration systems and electronic enclosures. Approximately 80% of the Corporation’s sales are outside Canada, including about 55% 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, Cambridge and Toronto, Ontario; Springfield and Strongsville, Ohio; Wichita, Kansas; Everett, Washington; 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.
President and Chief Executive Officer
Martin Goulet, CFA