Saint-Hubert, May 4, 2012 - Sam Hamad, Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region, and Nicole Ménard, Minister of Tourism and Minister responsible for the Montérégie region, today announced financial support totalling $6,223,500 to Héroux-Devtek for a project estimated at $25.7 million. The support includes non-refundable financing of $5,412,500 as well as a venture loan of $811,000 from Investissement Québec.
The project involves the design of manufacturing processes and the acquisition of equipment for the production and assembly of landing gear systems. The new processes and equipment will also be used as a springboard to future landing gear production and assembly contracts for other aircraft and helicopter programs.
"The Québec aerospace industry boasts a skilled workforce, a network of universities and research centres, leading organizations that ensure collaboration among all industry players, and well-established companies like Héroux-Devtek. In addition to generating considerable economic benefits for Québec, Héroux-Devtek's project will help enhance Québec's international reputation in the aerospace sector. By paving the way for new landing gear markets, the project will bolster Québec's ability to compete in a strategic sector of its economy," declared Sam Hamad.
This investment in the Montérégie is a sign of the region's importance in this cutting-edge sector of the Québec economy. The Montérégie accounts for close to 30% of the province's jobs involving complex processing, like transportation equipment, and more than 25% of the jobs in consumer product manufacturing.
"Projects like the one announced today develop great synergy among the different players in the Montérégie aerospace sector-synergy that's fuelled by collaboration between the region's businesses and training facilities like the École nationale d'aéronautique and Centre technologique en aérospatiale. The fact that 50 specialized jobs will be created at Héroux-Devtek is excellent news for the next generation of workers," asserted Nicole Ménard.
Héroux-Devtek is a Canadian company headquartered in Longueuil. It specializes in the design, development, manufacture and repair and overhaul of industrial and aerospace (landing gear and aerostructure) products. It has its own testing and certification facilities in Québec as well as an engineering unit specializing in landing gear design. Héroux-Devtek employs 1,450 people in Canada and the United States, including 860 in Québec.
"The Québec government's support will enable us to enhance our production capacity and expertise while improving our engineering service. The new manufacturing processes and equipment we'll be designing will be used as a springboard to other similar projects. Héroux-Devtek will be poised for new large-scale, value-added contracts, and we will be able to consolidate our position as the third largest company in the global landing gear market," emphasized Gilles Labbé, President and CEO of Héroux-Devtek.
"With more than 42,000 jobs and sales totalling close to $12 billion in 2011, Québec's aerospace industry as a whole is doing well. Héroux-Devtek is gaining ground in global markets, especially the industrial projects sector. The project announced today shows once again that our government will be there to support Québec businesses that want to improve their performance, create jobs and capture new markets," said Sam Hamad.
Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
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Office of the Minister of Economic Development, Innovation and Export Trade and Minister responsible for the Capitale-Nationale region
Tel.: 418 691-5650
Office of the Minister of Tourism and Minister responsible for the Montérégie region
Tel.: 450 672-1885 For information:
Media Relations Manager
Ministère du Développement économique, de l'Innovation et de l'Exportation
Tel.: 418 691-5698, ext. 4868
1 866 870-0437