Heroux-Devtek based out of Quebec in Montreal is one of the leading manufacturers of aerospace products and the world’s third largest landing gear manufacturer. The aerospace manufacturer has signed a deal to be acquired by US private equity firm Platinum Equity Advisors LLC in a deal valued at $1.35billion.
Under the agreement which is finalized, platinum equity advisors will pay $32.50 in cash per share for the company. A committee of independent directors was formed to oversee the sale of the company after conducting a strategic review of all the available alternatives. After careful deliberation, the special committee and the board of directors have unanimously concluded that the transaction is in the best interests of the corporation and its stakeholders,” Louis Morin, chairman of the Héroux-Devtek special committee, said in a statement issued Thursday.
On Wednesday at Toronto Stock Exchange Héroux-Devtek’s shares closed at $25.32. Héroux-Devtek will keep and invest in its headquarters and other operations in Quebec, including its manufacturing operations a statement by Platinum equity quoted.
Heroux-Devtek has more than 1960 employees working in 18 facilities in North America and Europe. Further the manufacturing of actuation systems as well as ball screws is done by the company. One of the major accomplishments of the company include manufacturing of the landing gear for the lunar module that landed Neil Armstrong on the moon for the Apollo 11 mission in 1969.
Platinum equity Co-President Louis Simon who grew up in Quebec City before moving to New York City quoted “I have great respect for the long tradition and proud history of the aerospace sector in the province and the contributions Héroux-Devtek has made to the industry.” The transaction which requires regulatory and shareholder approvals and which is subject to customary closing conditions is expected to be finalized before the company end its current financial year on 31st March,2025.
