Canadian aerospace firm Heroux-Devtek sells big chunk of its business for $300M

CP19438451
The corporate logo of Heroux-Devtek (TSX:HRX), which makes and repairs aircraft components such as landing gears for military and commercial customers, is shown. THE CANADIAN PRESS/HO

MONTREAL – Quebec aerospace manufacturer Heroux-Devtek Inc. (TSX:HRX) is selling a large part of its business to an American company for $300 million in cash.

The buyer is Precision Castparts Corp. (NYSE:PCP), a worldwide manufacturer headquartered in Oregon.

The Montreal-area company is selling its Aerostructure and Industrial Products division, which accounted for about $130 million of annual sales.

The deal affects locations in Dorval near Montreal, Mexico, Texas and Ohio.

Heroux-Devtek says it will keep all of its landing gear business, including design engineering and manufacturing.

After the sale, Heroux-Devtek will have more than 1,000 employees in Canada and the United States with about $250 million of annual revenue.

News from © iNFOnews.ca, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

Abbey Westbury

Related Articles