Héroux-Devtek Inc. (TSX:HRX), a leading Canadian manufacturer of aerospace and industrial products, today announced that Triumph Aerostructures - Vought Aircraft Division has awarded the Aerospace segment of Héroux-Devtek two new multi-year contracts valued in excess of $35 million Cdn. The stated contract values are based on current program expectations.
First, Progressive Inc., a business unit of Héroux-Devtek's aerostructure products operations located in Arlington, Texas, was awarded a long-term contract to manufacture aluminum wing ribs and other machined components for the Gulfstream 550 business jet program. Deliveries are scheduled to begin later in calendar year 2010 and continue through calendar year 2015. Illustrating the commonality, flexibility, and risk mitigation Héroux-Devtek offers to its clients, Progressive will manage the contract, but machining capacity will be shared with the Dorval, Québec facility.
The second long-term agreement was awarded to the landing gear products operations and involves the fabrication and delivery of torque tubes for the Boeing 737 program. Deliveries will begin in calendar year 2010 and will continue through calendar year 2015. Production will be carried out at the Laval, Québec facility.
"Héroux-Devtek is pleased to obtain these long-term agreements which build on our core competencies and validate our business strategy," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek. "The premier status of our landing gear products operations in torque tube manufacturing was further confirmed with this new contract on a well-established commercial aircraft program. In addition, the Gulfstream 550 contract perfectly illustrates the strategy of our aerostructure products operations to enhance customer diversification and improve balance between military and commercial business. Triumph Aerostructures - Vought Aircraft Division has been a long-time strategic customer and we are pleased with the confidence they have placed in Héroux-Devtek's capability and people."
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|Héroux-Devtek Inc.||Aircraft Landing Gear, Hydraulic Actuators, Rotor Hub Assemblies, Torque Tube Drives, Aircraft Structural Components, Engine Parts, Wings, Fuselage Sections, Helicopter Landing Gear, Avionics Racks, Mechanical Actuators|
|Triumph Aerospace Structures - Technology & Engineering Center - Arlington||Aircraft Structural Components, Empennages, Aircraft Doors, Nacelles, Wings, Helicopter Assemblies, Fuselage Sections, Wing Spoilers, Wing Flaps, Air Refuelling Systems, Wire Assemblies, Testing Services, Wing Spars, Fairings, Aircraft Flooring, Engineering Design Services|
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