Heroux-Devtex acquires APPH for $128 million
Feb. 3, 2014, Montreal - Canadian aerospace manufacturer Heroux-Devtek has acquired the British landing-gear company APPH from BBA Aviation PLC for $128 million.
February 3, 2014 By The Canadian Press
The Montreal-area company says APPH will expand its manufacturing
reach in Europe, diversify its customer base and give it a greater
presence in the lucrative repair and replacement-part business.
"The acquisition of APPH brings significant and immediate
strategic benefits to Heroux-Devtek, while strengthening its global
competitive position and status as a leading landing gear system
provider for aircraft weighing less than 100,000 pounds," Gilles Labbe,
Heroux-Devtek's president and chief executive officer said Monday.
Based in Longueil, Que., Heroux-Devtek is
acquiring four plants in the United Kingdom and one in Wichita, Kansas.
The APPH plants have a combined workforce of about 400 employees.
APPH specializes in the design,
engineering and manufacturing of landing gear, hydraulic systems and
assemblies for military and civilian aircraft.
"APPH expands our geographical footprint into
the European market, provides us with significant content on several
leading programs, further increases and diversifies our customer base,
and provides greater exposure to the attractive aftermarket business."
"This acquisition will be
accretive to earnings and will provide attractive synergy opportunities,
thus building further value for our shareholders."
The company scheduled a conference call with analysts to discuss the deal later in the morning.