Canadian aerospace firm Heroux-Devtek sells big chunk of its business for $300M | iNFOnews | Thompson-Okanagan's News Source

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

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
July 17, 2012 - 7:56 AM

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 © The Canadian Press, 2012
The Canadian Press

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