Fonds de solidarité FTQ has provided a $50 million loan to Héroux-Devtek Inc, a Longueuil, Québec-based specialist in the design, manufacture, testing and repair of landing gear and actuation systems for the aerospace market. The loan’s proceeds will support the acquisition of Compañia Española de Sistemas Aeronauticos SA (CESA), a Spanish affiliate of Airbus SE. The CESA deal, also announced today, reflects a purchase price of about $205 million. In a separate statement, Héroux-Devtek said the buy will increase its European presence, expand its product and service offering, and gain content on key aircraft programs and customers.
The Fonds de solidarité FTQ invests $50 million in Héroux-Devtek
A flagship company of Québec’s aerospace sector strengthens its position as a world-class leader by acquiring Spain’s CESA
Montréal, October 2, 2017 – The Fonds de solidarité FTQ has granted Héroux-Devtek a $50 million dollar loan for the acquisition of Compana Espanola de Sistemas Aeronauticos (CESA), an Airbus subsidiary.
Héroux-Devtek Inc. is a Québec-based company specializing in the design, development, manufacture, integration, testing and repair and overhaul of landing gear and actuation systems and components for the aerospace market. The company, whose head office is in Longueuil, is the third largest landing gear company worldwide.
Following the transaction, Héroux-Devtek will have 1,697 employees worldwide, including 590 in Québec.
“In its strategic planning, the Fonds de solidarité FTQ has decided to invest more in the Québec’s aerospace sector as at is an important part of our economy. Our investment in Héroux-Devtek for the strategic acquisition of CESA fits perfectly in this plan.”
Normand Chouinard, Executive Vice-President, Investments, Fonds de solidarité FTQ
“With a series of key acquisitions since the mid-1980s, Héroux-Devtek has become a worldwide aerospace industry leader. This transaction will further strengthen the company’s position in this sector of Québec’s economy.”
Jean Wilhelmy, Senior Vice-President, Aerospace, Infrastructures, Services and Transportation, Fonds de solidarité FTQ.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers.
Information for media representatives only:
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Fonds de solidarité FTQ
Phone: 514 850-4835
Mobile: 514 703-5587
Photo courtesy of Héroux-Devtek Inc