LONGUEUIL, QC, Feb. 5, 2025
/CNW/ - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the
"Corporation"), a leading international manufacturer of aerospace
products and the world's third-largest landing gear manufacturer,
is pleased to announce that today the required foreign direct
investment approval of the Spanish Council of Ministers has been
obtained in connection with the previously announced plan of
arrangement under the Business Corporations Act (Québec)
involving Héroux‑Devtek and an affiliate of Platinum Equity
Advisors, LLC (the "Arrangement") and, therefore, all required
regulatory approvals for the closing of the Arrangement have now
been received.
The Corporation expects that, subject to the satisfaction
at closing of the remaining closing conditions, the Arrangement
will be completed on or about February 11, 2025.
ABOUT HÉROUX-DEVTEK
Héroux-Devtek Inc. (TSX: HRX) is an international company
specializing in the design, development, manufacture, repair and
overhaul of aircraft landing gear, hydraulic and electromechanical
actuators, custom ball screws and fracture-critical components for
the Aerospace market. The Corporation is the third-largest landing
gear company worldwide, supplying both the defence and commercial
sectors. Approximately 94% of the Corporation's sales are outside
of Canada, including about 57% in
the United States. The
Corporation's head office is located in Longueuil, Québec with facilities in
Canada, the United States, the United Kingdom and Spain.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press
release contains information and statements of a forward-looking
nature, including statements relating to the anticipated timing of
completion of the Arrangement. Forward-looking statements are based
on assumptions and on management's best possible evaluation of
future events and are subject to risks, uncertainties and other
important factors that could cause the Corporation's actual
performance to differ materially from expected results expressed in
or implied by such statements. Such factors include, but are not
limited to: the possibility that the Arrangement will not be
completed on the terms and conditions, or on the timing, currently
contemplated, and that it may not be completed at all, due to a
failure to satisfy, in a timely manner or otherwise, the conditions
to the closing of the Arrangement or for other reasons; the failure
to complete the Arrangement which could negatively impact the price
of the shares or otherwise affect the business of the Corporation;
the dedication of significant resources to pursuing the Arrangement
and the restrictions imposed on the Corporation while the
Arrangement is pending; the uncertainty surrounding the Arrangement
that could adversely affect the Corporation's retention of
customers and business partners; the occurrence of a material
adverse effect leading to the termination of the arrangement
agreement; customers, supply chain, the aerospace industry and the
economy in general; the impact of other worldwide geopolitical and
general economic conditions; industry conditions including changes
in laws and regulations; increased competition; the lack of
availability of qualified personnel or management; availability of
commodities and fluctuations in commodity prices; financial and
operational performance of suppliers and customers; foreign
exchange or interest rate fluctuations; and the impact of
accounting policies issued by international standard setters. For
further details, please see the Risk Management section under
Additional Information in the Corporation's MD&A. Readers are
cautioned that the foregoing list of factors is not exhaustive and
undue reliance should not be placed on forward-looking statements.
As a result, readers are advised that actual results may differ
materially from expected results. Unless otherwise required by
applicable securities laws, the Corporation expressly disclaims any
intention, and assumes no obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
SOURCE Héroux-Devtek
