HEROUX-DEVTEK ANNOUNCES ACQUISITION OF QUÉBEC-BASED ALTA PRÉCISION INC.
Héroux-Devtek Inc. (TSX: HRX) (“Héroux-Devtek” or the “Corporation”), the world’s third-largest landing gear manufacturer, today announced that it has concluded the acquisition of all the outstanding shares of Montreal-based Alta Precision Inc., a manufacturer of high-precision landing gear components. The transaction, which is subject to final purchase price adjustments, is valued at $23 million and was funded through the Corporation’s credit facilities. “The acquisition of Alta Precision Inc. expands our portfolio of commercial products by providing both access to new programs and additional content on existing platforms. It also comes with the backlog and manufacturing capacity necessary to grow the existing business, said Martin Brassard, President & CEO of Héroux-Devtek.” “We would like to welcome the Alta Precision Inc. employees and its president Guillermo Alonso who will join the growing Héroux-Devtek team. Together, we are confident in our ability to add value to Alta Precision Inc.’s operations and meet growing demand for our world-class landing gear offering, added Martin Brassard.” “We are delighted to become part of Héroux-Devtek, a leading landing gear manufacturer for the global aerospace industry. With their growing customer relationships in North America and Europe, we are now in a position to accelerate our growth,” said Guillermo Alonso, President of Alta Precision Inc. Founded in 1980, Alta Precision Inc. is a privately owned company which operates a state-of-the-art 72,000 square foot facility located in Montreal, Quebec. The company has approximately $18 million in annual revenues and employs 110 highly skilled personnel. Alta Precision Inc. manufactures complex landing gear components and assemblies for large customers such as Embraer, Safran, Liebherr and the United States Air Force. Alta Precision's strong backlog is comprised mainly of commercial aircraft landing gear components for the new E-2 and Airbus A-220 large regional jet programs and for the Boeing 787 and Airbus A-350, two recent and growing commercial platforms.< Back