Farnborough, United Kingdom / CRWE PRESS RELEASE / July 12, 2016 - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products, today announced that it has delivered the first set of the Boeing 777 landing gear. This event represents a very important milestone in the Corporation's execution of a long-term contract to supply The Boeing Company ("Boeing") with complete landing gear systems for the Boeing 777 and 777X airplanes.
The delivery was made at Boeing's airplane assembly plant in Everett, Washington, located in close proximity to Héroux-Devtek's final assembly facility. The Corporation remains on schedule to meet production requirements associated to deliveries scheduled in its agreement with Boeing.
"Delivering the first landing gear set to Boeing is the testimony that we can successfully produce complex and large landing gear systems. We are now at full speed in executing the largest contract in our history. Our employees and suppliers are mobilized to flawlessly execute the production ramp-up phase in manufacturing the necessary components to meet Boeing assembly schedule. I would like to take this opportunity to thank the Boeing team for its continued support during this very challenging project. Héroux-Devtek is once again demonstrating its world-class capabilities in supplying a wide range of complete landing gear systems," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek.
"Developing capable and more affordable new suppliers is an important component of Boeing's long-term competitiveness," said Kent Fisher, vice president and general manager of Boeing Commercial Airplanes Supplier Management. "We're pleased with Héroux-Devtek's performance to reach this milestone as they deliver their first landing gear for the 777 program."
Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture and repair and overhaul of landing gear and actuation systems and components for the Aerospace market. The Corporation is the third largest landing gear company worldwide, supplying both the commercial and defence sectors of the Aerospace market with new landing gear systems and components, as well as aftermarket products and services. The Corporation also manufactures hydraulic systems, fluid filtration systems and electronic enclosures. Approximately 80% of the Corporation's sales are outside Canada, including about 55% 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, Cambridge and Toronto, Ontario; Springfield and Strongsville, Ohio; Wichita, Kansas; Everett, Washington; and Runcorn, Nottingham and Bolton, United Kingdom.
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.
President and Chief Executive Officer
Martin Goulet, CFA
Tel.: (514) 731-0000
Source: Héroux-Devtek Inc.