LONGUEUIL, QC, June 10, 2019 /CNW Telbec/ - Héroux-Devtek
Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), the world's
third-largest landing gear manufacturer, today announced that it
has concluded the acquisition of all the outstanding shares of
Montreal-based Alta Precision
Inc., a manufacturer of high-precision landing gear components. The
transaction, which is subject to final purchase price adjustments,
is valued at $23 million and was
funded through the Corporation's credit facilities.
Héroux-Devtek, with its head office in Longueuil, Québec, has 1,960 employees around
the world, of which approximately 800 are located in Québec
following the acquisition of Alta Precision Inc. Since its
inception in 1942, Héroux-Devtek has grown from a small repair and
overhaul facility to a world-class supplier of landing gear and
actuation systems, delivering on major platforms such as the Boeing
777 and 777X. This acquisition, along with those of CESA, Beaver
and Tekalia announced over the last year, strengthen its leadership
position around the world.
"The acquisition of Alta Precision Inc. expands our portfolio of
commercial products by providing both access to new programs and
additional content on existing platforms. It also comes with the
backlog and manufacturing capacity necessary to grow the existing
business", said Martin Brassard,
President & CEO of Héroux-Devtek.
"We would like to welcome the Alta Precision Inc. employees and
its president Guillermo Alonso who
will join the growing Héroux-Devtek team. Together, we are
confident in our ability to add value to Alta Precision Inc.'s
operations and meet growing demand for our world-class landing gear
offering", added Martin
Brassard.
"We are delighted to join Héroux-Devtek, a leading landing gear
manufacturer for the global aerospace industry. With its growing
customer base in North America and
Europe, we will play a strong role
in accelerating the growth of the corporation," said Guillermo Alonso, President of Alta Precision
Inc.
Founded in 1980, Alta Precision Inc. is a privately owned
company which operates a state-of-the-art 72,000 square foot
facility located in Montreal,
Québec. The company has approximately $18
million in annual revenues and employs 110 highly skilled
personnel. Alta Precision Inc. manufactures complex landing gear
components and assemblies for large customers such as Embraer,
Safran, Liebherr and the United States Air Force. Alta
Precision's strong backlog is comprised mainly of commercial
aircraft landing gear components for the new E-2 and Airbus A-220
programs and for the Boeing 787 and Airbus A-350, two recent and
growing commercial platforms.
PROFILE
Héroux-Devtek Inc. (TSX: HRX) is an international company
specializing in the design, development, manufacture, repair and
overhaul of aircraft landing gear, hydraulic and electromechanical
flight control actuators, custom ball screws and fracture-critical
components for the Aerospace market. The Corporation is the
third-largest landing gear company worldwide, supplying both the
commercial and defence sectors. Approximately 90% of the
Corporation's sales are outside of Canada, including about 50% in the United States. The Corporation's head
office is located in Longueuil,
Québec with facilities in Canada,
the United States, the
United Kingdom and Spain.
SOURCE Héroux-Devtek Inc.