Héroux-Devtek Inc. (TSX:HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products, today informs of a development in regards to its business with the U.S. Air Force ("USAF"). Following a request for proposal from USAF, Héroux-Devtek jointly submitted a bid for a comprehensive Performance Based Logistics contract to provide total supply chain management for all landing gear parts requirements for the C-130, KC-135 and E-3 aircraft. The Corporation's joint bid has not been selected by USAF.
The Corporation remains under contract with USAF for the provision of landing gear repair and overhaul ("R&O") services, as well as the manufacturing and delivery of certain aftermarket components for these aircraft. Héroux-Devtek anticipates that its business volume based on the terms of the current agreement will gradually phase out over the course of its fiscal year ending March 31, 2019.
Management is presently evaluating its available options under current procedures.
Source: Heroux-Devtek Inc.
Date: Mar 27, 2017