Aerospace firm to focus solely on core landing gear operations.
Longueuil, QC — Héroux-Devtek Inc. announced that it will sell nearly all of its Aerostructure and Industrial Products operations to Precision Castparts Corp. for C$300 million in cash. Going forward, the company it will focus on growth opportunities in its core landing gear operations.
In the deal Precision Castparts Corp. will acquire Héroux-Devtek’s Dorval (Quebec), Querétaro (Mexico) and Arlington (Texas) Aerostructure manufacturing sites, as well as the Cincinnati (Ohio) Industrial Products manufacturing sites.
Unanimously approved by its board, the transaction is expected to close in the second quarter of the current fiscal year and is subject to customary regulatory approvals.
Héroux-Devtek says it is currently evaluating various alternatives for the anticipated proceeds, including distribution to shareholders and debt repayment.
www.herouxdevtek.com
www.precast.com
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