Héroux-Devtek sells its aerostructure and industrial products operations for US$300 million to Precision Castparts

On August 31, 2012, Héroux-Devtek Inc. announced that it has completed the sale of substantially all of its Aerostructure and Industrial products operations to Precision Castparts Corp. for 300 million $ in cash. The assets acquired by Precision Castparts Corp. include Héroux-Devtek’s Dorval (Québec), Querétaro (Mexico) and Arlington (Texas) Aerostructure manufacturing sites, as well as the Cincinnati (Ohio) Industrial Products manufacturing sites. Héroux-Devtek expects to realize net cash proceeds of approximately 230 million $ from the sale, after related taxes and expenses. Going forward, Héroux-Devtek will focus on growth opportunities in its core Landing Gear operations. Héroux-Devtek is one of the leading manufacturers of landing gear systems. Héroux-Devtek shares are listed on the Toronto Stock Exchange. Precision Castparts is a worldwide, diversified manufacturer of complex metal components and products. It serves the aerospace, power, and general industrial markets. Precision Castparts shares are listed on the New York Stock Exchange. Fasken Martineau acted as legal counsel to Héroux-Devtek with a team that included Robert Paré, Marie-Josée Neveu, Jean Michel Lapierre, Jean-François Séguin and Jimmy Triassi (M&A / securities), Gilles Carli (tax), Douglas New (regulatory), Louise Béchamp (labour) and André Durocher (environment).