GA-ASI Integrating L3 WESCAM's MX™-20 onto Multiple Platforms as Part of Team SkyGuardian Canada

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  October 2, 2018 | Local, Aerospace

  HÉROUX-DEVTEK COMPLETES THE ACQUISITION OF CESA AND UPDATES ITS GUIDANCE

  Longueuil, Quebec, October 1st, 2018 - Héroux-Devtek Inc. (TSX: HRX) (“Héroux-Devtek” or the “Corporation”), a leading international manufacturer of aerospace products, is pleased to announce that it has successfully completed the acquisition of Compañia Española de Sistemas Aeronáuticos, S.A. (“CESA”), a subsidiary of Airbus SE (PA: AIR) for a purchase price of 137 million euros (approximately $206 million) enterprise value, including CESA's net outstanding debt of 23 million euros (approximately $35 million), subject to customary closing adjustments. “We are very pleased to have completed this acquisition which is the largest in our history and represents an important milestone in our international expansion,” said Héroux-Devtek President & CEO, Gilles Labbé. “CESA will allow us to increase our market presence in Europe, gain important content on several key aircraft programs and leverage customer relationships with Airbus and other key customers. We are honoured to welcome the CESA team to the HérouxDevtek family.” “The acquisition also expands Héroux-Devtek's product and service offering into the actuation and hydraulic systems and adds new technology, such as electromechanical actuation, to our portfolio. Our product mix will also evolve with 42% of revenues being generated from proprietary products,” continued Mr. Labbé. “Partnered with the complementary addition of Beaver's expertise in ball screws, we see great opportunity to grow the business in the actuation market, which is significantly larger than the landing gear market,” he concluded. “We look forward to continuing our close business relationship with CESA, which remains a key supplier for Airbus,” said Fernando Alonso, Head of Military Aircraft at Airbus Defence and Space. “CESA and its employees are set to benefit from the new strategic owner's strong industrial plan over the coming years.” The transaction was funded through a combination of a $50 million seven-year unsecured subordinated term loan provided by Fonds de solidarité FTQ, the Corporation's revolving credit facility and available cash on hand. In connection with this acquisition, the Corporation's credit facility was amended, increasing the borrowing limit to $250 million from $200 million. Headquartered in Madrid, Spain, CESA is a leading European provider of fluid mechanical and electromechanical systems for the aerospace industry. Its main product lines include actuation and hydraulic systems as well as landing gear products. CESA provides an integrated product and service offering comprised of design and development engineering, certification, manufacturing, assembly and fleet support to a broad range of customers and aircraft programs. It operates a 366,000 square foot state-of-the-art industrial complex in Madrid, as well as another facility in Seville. CESA employs a skilled workforce of approximately 300 employees. UPDATED GUIDANCE Management is updating its sales guidance for fiscal 2019 to reflect the CESA acquisition. Management now expects sales for fiscal 2019 to be in the range of $460 million to $470 million, representing an increase of approximately 20% over last year. Capital expenditures are expected to be approximately $20 million. Management is also issuing new long-term sales growth guidance reflecting both the Beaver acquisition completed last July and the CESA acquisition. Management expects fiscal 2022 sales in the range of $620 million to $650 million. http://www.herouxdevtek.com/news-events/press-releases/2018

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  June 28, 2023 | Local, Aerospace

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  February 7, 2019 | Local, Naval

  Liberals rush to sign Canadian Surface Combatant contract- deal could be signed by Friday

  DAVID PUGLIESE, OTTAWA CITIZEN The Liberal government is pushing ahead to try to get the Canadian Surface Combatant deal signed with Irving and the Lockheed Martin-BAE consortium either Thursday or Friday, sources say. That $60 billion project will see the eventual construction of 15 warships in the largest single government purchase in Canadian history. Lockheed is offering Canada the Type 26 warship designed by BAE in the United Kingdom. Irving is the prime contractor and the vessels will be built at its yard on the east coast. Public Services and Procurement Canada did not respond to a request for comment. But some industry representatives are questioning why the government is moving so quickly to get the contract signed. They say with a deal of such financial size – and potential risk to the taxpayer – federal bureaucrats should move slowly and carefully. The entry of the BAE Type 26 warship in the competition was controversial from the start and sparked complaints the procurement process was skewed to favour that vessel. Previously the Liberal government had said only mature existing designs or designs of ships already in service with other navies would be accepted, on the grounds they could be built faster and would be less risky. Unproven designs can face challenges as problems are found once the vessel is in the water and operating. But that criteria was changed and the government and Irving accepted the BAE design, though at the time it existed only on the drawing board. Construction began on the first Type 26 frigate in the summer of 2017 for Britain's Royal Navy, but it has not yet been completed. Company claims about what the Type 26 ship can do, including how fast it can go, are based on simulations or projections. The two other bidders in the Canadian program had ships actually in service with other navies so their capabilities are known. Both Irving and the federal government have insisted the procurement was conducted in a way that ensures all bidders are treated equally, overseen by a fairness monitor with no unfair advantage given to any individual bidder. Nonetheless, while three consortiums submitted bids for the surface combatant program, several European shipbuilders decided against participating because of concerns about the fairness of the process. Others raised concerns about BAE's closeness with the Halifax firm. The Canadian Surface Combatant program has already faced rising costs. In 2008 the then-Conservative government estimated the project would cost roughly $26 billion. But in 2015, Vice-Admiral Mark Norman, then commander of the navy, voiced concern that taxpayers may not have been given all the information about the program, publicly predicting the cost for the warships alone would approach $30 billion. Last year, Alion, one of the companies that submitted a bid on the project, filed a complaint with the Canadian International Trade Tribunal alleging the process was flawed and that BAE's Type 26 can't meet Canadian requirements. Alion has also filed a legal challenge in federal court, asking for a judicial review of the decision by Irving and the government to select the BAE design. Alion argued the Type 26 cannot meet the stated mandatory requirements, including speed, that Canada set out for the new warship, so it should be disqualified. The CITT, however, rejected that complaint on Jan. 30. “The Canadian International Trade Tribunal has determined that Alion Science and Technology Canada Corporation and Alion Science and Technology Corporation did not have standing to file a complaint before the Canadian International Trade Tribunal,” it noted in a statement. https://ottawacitizen.com/news/national/defence-watch/liberals-rush-to-sign-canadian-surface-combatant-contract-deal-expected-to-be-signed-by-friday