Le Lézard
Classified in: Transportation, Business
Subjects: FNC, ECO, LBR

The Fonds de solidarité FTQ invests $50 million in Héroux-Devtek


A flagship company of Québec's aerospace sector strengthens its position as a world-class leader by acquiring Spain's CESA

MONTRÉAL, Oct. 2, 2017 /CNW Telbec/ - The Fonds de solidarité FTQ has granted Héroux-Devtek a $50 million dollar loan for the acquisition of Compana Espanola de Sistemas Aeronauticos (CESA), an Airbus subsidiary.

Héroux-Devtek Inc. is a Québec-based company specializing in the design, development, manufacture, integration, testing and repair and overhaul of landing gear and actuation systems and components for the aerospace market. The company, whose head office is in Longueuil, is the third largest landing gear company worldwide.

Following the transaction, Héroux-Devtek will have 1,697 employees worldwide, including 590 in Québec.

Quotes

"In its strategic planning, the Fonds de solidarité FTQ has decided to invest more in the Québec's aerospace sector as at is an important part of our economy. Our investment in Héroux-Devtek for the strategic acquisition of CESA fits perfectly in this plan."
Normand Chouinard, Executive Vice-President, Investments, Fonds de solidarité FTQ

"With a series of key acquisitions since the mid-1980s, Héroux-Devtek has become a worldwide aerospace industry leader. This transaction will further strengthen the company's position in this sector of Québec's economy."
Jean Wilhelmy, Senior Vice-President, Aerospace, Infrastructures, Services and Transportation, Fonds de solidarité FTQ.

About the Fonds de solidarité FTQ

The Fonds de solidarité FTQ is a development capital investment fund that channels the savings of Quebecers into investments. As at May 31, 2017, the organization had $13.1 billion in net assets, and through its current portfolio of investments has helped create and protect 186,440 jobs. The Fonds is a partner in more than 2,700 companies and has 645,664 shareholder-savers.

 

SOURCE Fonds de solidarité FTQ


These press releases may also interest you

at 00:25
Shanghai Junshi Biosciences Co., Ltd ("Junshi Biosciences," HKEX: 1877; SSE: 688180), a leading innovation-driven biopharmaceutical company dedicated to the discovery, development, and commercialization of novel therapies, announced its financial...

at 00:24
In the news release, Roborock Reports 2023 Full Year Financial Results, issued 28-Mar-2024 by Roborock over PR Newswire, we are advised by the company that in the first bullet point of "Growth across Product Categories", the USD amount should read...

28 mar 2024
Royal Bank of Canada ("RBC") today announced it has completed the acquisition of HSBC Bank Canada ("HSBC Canada"). "Today marks one of the most exciting times of our 155-year history and a pivotal milestone in our long-term growth story as we...

28 mar 2024
The opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2024 was held in Boao, south China's Hainan Province on Thursday, with China's top legislator Zhao Leji stressing China's economic potential, appealing to international investors...

28 mar 2024
OKX Ventures, the investment arm of leading Web3 technology company OKX, has issued updates for March 29, 2024. OKX Ventures...

28 mar 2024
Curio Legacy Ventures (Curio), a frontrunner in nuclear technology innovation, proudly announces a strategic partnership with Navarro Research and Engineering, Inc. (Navarro). This collaboration signals a significant step forward in advancing nuclear...



News published on and distributed by: