Hroux-Devtek Obtains Another Multi-Year Contract for the F-35 Lightning II-Agreement covering electronic chassis components worth over Cdn$10 million

Hroux-Devtek Obtains Another Multi-Year Contract for the F-35 Lightning II - Agreement covering electronic chassis components worth over Cdn$10 million
LE BOURGET, France, June 16 /CNW Telbec/ - Héroux-Devtek Inc. (TSX:HRX - News), a leading Canadian manufacturer of aerospace and industrial products, today announced that Noranco Inc. has awarded the Aerostructure Division of Héroux-Devtek (Magtron), a multi-year contract related to electronic chassis components for the F-35 Lightning II aircraft (Joint Strike Fighter).
Under the terms of the agreement, Magtron, located in Toronto, Ontario, will perform operations, including brazing, heat treatment, and testing of complex avionic housings for all three F-35 variants over the next eight years. The F-35 aircraft quantity will ramp up throughout this period, with production rates currently planned to exceed 200 aircraft per year near the end of this contract. This contract begins in calendar 2010 and continues through 2017. Based on best estimated quantity production rates, the value of the contract is estimated to be in excess of Cdn$10 million.
As part of the agreement, Magtron will become Nadcap certified for the various processes involved in the manufacture of the Noranco products. Nadcap is the leading, worldwide cooperative program of major companies designed to manage a cost effective consensus approach to special processes and products and provide continual improvement within the aerospace industry. Nadcap is the Performance Review Institute's (PRI) brand name for the industry-managed program for special processes in the aerospace industry.
"Héroux-Devtek is very excited to see Magtron participate in the F-35 program, as this contract expands our reach across all three sites of our Aerostructure Division," said Gilles Labbé, President and Chief Executive Officer of Héroux-Devtek. "The selection of Héroux-Devtek for these critical components shows the confidence of Noranco in our technical ability, quality, and delivery. Our dedicated investment in Nadcap certification and new technology targeted at highly specialized, bonded machined products was instrumental in winning this contract."
About Héroux-Devtek
Héroux-Devtek (TSX: HRX - News), a Canadian company, serves two main market segments: Aerospace and Industrial Products, specializing in the design, development, manufacture and repair and overhaul of related systems and components. Héroux-Devtek supplies both the commercial and military sectors of the Aerospace segment with landing gear systems (including spare parts, repair and overhaul services) and airframe structural components. The Company also supplies the industrial segment with large components for power generation equipment and precision components for other industrial applications. Approximately 65% of the Company's sales are outside Canada, mainly in the United States. The Company's head office is located in Longueuil, Québec with facilities in the Greater Montreal area (Longueuil, Dorval, Laval and Rivière-des-Prairies); Kitchener and Toronto, Ontario; Arlington, Texas and Cincinnati, Ohio.
About Noranco
Noranco Inc. is an integrated manufacturer and solutions-provider to the international commercial and military aerospace sectors. As a combined company with more than 400 employees across three manufacturing sites in the Greater Toronto Area, Noranco is one of the larger Tier 2 aerospace companies in Canada. The Company provides added value to customers through a wide range of sophisticated capabilities including high-precision CNC machining of aluminum and hard metals, sheet metal fabrication, processing, assembly, testing and supply chain management. Noranco produces a large variety of small to large aerospace products for a wide range of applications such as aero structures, landing gear, stringers, electronic/power distribution chassis, auxiliary power units, and environmental control systems.
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 Company. 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 Company'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.
For further information
Martin Goulet, CFA, MaisonBrison, (514) 731-0000Source: Gilles Labbé, Héroux-Devtek Inc., President and Chief Executive Officer, (450) 679-3330