LONGUEUIL, QC, March 12 /CNW Telbec/ - Héroux-Devtek Inc. ,(TSX : HRX) a leading Canadian manufacturer of aerospace and industrial products, today announced that its Landing Gear Division has been awarded, by the U.S. Navy, an important landing gear repair and overhaul (R&O) contract for its entire P-3 patrol aircraft fleet.
The contract is for at least two years and guarantees a certain amount of components to be repaired and overhauled. Furthermore, under the terms of the agreement, the U.S. Navy has the option to extend the agreement for an additional three-year period. Assuming all options are exercised, the total value of the contract is estimated at Cdn$37 million. The company expects to receive the first landing gear to be repaired and overhauled within the next few weeks.
"Héroux-Devtek has more than a decade of experience in R&O on the P-3 aircraft and we are recognized as a world leader in this area of expertise," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek.
"The Company has a proven track record of quality and on-time delivery, and we are proud to have been selected to carry out this mandate, which clearly demonstrates the strength of our long-standing relationship with the U.S. Navy. Moreover, this contract further evidences the diversity of our business activity with a good balance between civil and military programs, as well as our involvement in both the production of new components and after market services."
Héroux-Devtek (TSX: HRX), a Canadian company, serves two main market segments: Aerospace and Industrial Products, specializing in the design, development, manufacture and repair of related systems and components. Héroux-Devtek supplies both the commercial and military sectors of the Aerospace segment with landing gear systems (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.
