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LONGUEUIL, QC, Nov. 4, 2013 /CNW Telbec/ - Héroux-Devtek Inc. (TSX: HRX), ("Héroux-Devtek" or the "Corporation" http://www.herouxdevtek.com), a leading Canadian manufacturer of aerospace products, today announces the temporary layoff of approximately 40 employees at its Longueuil facility due to a significant slowdown in landing gear repair and overhaul activities for the United States Air Force (USAF). The combined effect of reduced base defense budget funding, the continued sequestration situation and the recent U.S. government shutdown last October negatively impacted the USAF available budget for various programs.
Héroux-Devtek remains in close contact with this client. The Corporation is sincerely regretful for the affected employees, and although these reductions are unpredictable and beyond its control, it will inform them as soon as the USAF provides an updated plan for its various programs.
PROFILE
Héroux-Devtek Inc. (TSX: HRX) is a Canadian company specializing in the
design, development, manufacture and repair and overhaul of landing
gear systems and components for the Aerospace market. The Corporation
is the third largest landing gear company worldwide, supplying both the
commercial and military sectors of the Aerospace market with new
landing gear systems and components, as well as aftermarket products
and services. The Corporation also manufactures electronic enclosures,
heat exchangers and cabinets for suppliers of airborne radar,
electro-optic systems and aircraft controls through its Magtron
operations. Approximately 70% of the Corporation's sales are outside
Canada, mainly in the United States. The Corporation's head office is
located in Longueuil, Québec with facilities in the Greater Montreal
area (Longueuil, Laval and St-Hubert); Kitchener and Toronto, Ontario;
as well as Springfield and Cleveland, Ohio.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of the Corporation. These statements
are based on suppositions and uncertainties as well as on management's
best possible evaluation of future events. Such factors may include,
without excluding other considerations, fluctuations in quarterly
results, evolution in customer demand for the Corporation's products
and services, the impact of price pressures exerted by competitors, and
general market trends or economic changes. As a result, readers are
advised that actual results may differ from expected results.
SOURCE Héroux-Devtek Inc.
From:
Héroux-Devtek Inc.
Gilles Labbé
President and Chief Executive Officer
Tel. 450-679-3330
Contact:
MaisonBrison
Martin Goulet, CFA
Tel.: (514) 731-0000