Multi-year contract could generate over 65 million CAD$ over the contract’s 4-year term
LONGUEUIL, Québec, May 16, 2018 (GLOBE NEWSWIRE) — Héroux-Devtek Inc. (TSX:HRX), (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, is pleased to announce that it has signed a 4-year agreement with AAR Corporation (“AAR”). Under the terms of the agreement Héroux-Devtek will perform the as-needed remanufacturing of landing gear assemblies of the KC-135 aircraft, the manufacturing of spare parts for the C-130 and KC-135 aircraft and the manufacturing of other landing gear components, all in support of a contract AAR was recently awarded from the US Air Force. The contract’s total value could exceed 65 million CAD$.
“Héroux-Devtek is thrilled to add AAR to its customer portfolio,” said Martin Brassard, Vice-President and COO of Héroux-Devtek. “Our decades of experience with the US Government will be put forward into this important contract with the same quality, on-time delivery and customer service as before. ”
AAR is a global aftermarket solutions company that employs more than 5,000 people in over 20 countries. Based in Wood Dale, Illinois, AAR supports commercial aviation and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include inventory management; parts supply; OEM parts distribution; aircraft maintenance, repair and overhaul; engineering services and component repair. AAR’s Expeditionary Services include airlift operations; mobility systems; and command and control centers in support of military and humanitarian missions. More information can be found at www.aarcorp.com.
PROFILE
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 90% of the Corporation’s sales are outside Canada, including about 65% 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.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release contains information and statements of a forward-looking nature concerning the future performance of the Corporation. Forward looking statements are based on assumptions 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. Please see the Guidance section in the Corporation’s MD&A for the quarter ended December 31st, 2017, for further details regarding the material assumptions underlying the forecasts and guidance. Such forecasts and guidance are provided for the purpose of assisting the reader in understanding the Corporation’s financial performance and prospects and to present management’s assessment of future plans and operations, and the reader is cautioned that such statements may not be appropriate for other purposes.
| From: | Héroux-Devtek Inc. |
| Gilles Labbé | |
| President and Chief Executive Officer | |
| Tel.: (450) 679-3330 | |
| Contact: | MaisonBrison |
| Pierre Boucher | |
| Tel.: (514) 731-0000 |