LONGUEUIL, QC, Sept. 6,
2024 /CNW/ - Héroux-Devtek Inc. (TSX: HRX)
("Héroux-Devtek" or the "Corporation"), a
leading international manufacturer of aerospace products
and the world's third-largest landing gear manufacturer, is pleased
to announce that its shareholders have approved the previously
announced plan of arrangement under the provisions of the
Business Corporations Act (Québec) involving Héroux-Devtek
and an affiliate of Platinum Equity Advisors, LLC.
At the special meeting of shareholders of Héroux-Devtek held
earlier today, the arrangement resolution was approved by 99.25% of
the votes cast by the holders of shares present in person or
virtually or represented by proxy at the meeting, and by 99.15% of
the votes cast by the holders of shares present in person or
virtually or represented by proxy at the meeting, excluding the
votes cast by the shareholders required to be excluded pursuant to
Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions.
Héroux-Devtek also announces that the waiting period has expired
under the United States
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as
amended, satisfying the related closing condition set forth in the
arrangement agreement.
The proposed arrangement remains subject to certain customary
closing conditions, including the issuance of a final order by the
Superior Court of Québec following the hearing expected to take
place on September 16, 2024 and the
receipt of applicable regulatory approvals in the United Kingdom and Spain. If the necessary approvals are obtained
and the other conditions to closing are satisfied or waived, it is
anticipated that the arrangement will be completed by the parties
before the end of the Corporation's current fiscal year ending
March 31, 2025.
ABOUT HÉROUX-DEVTEK
Héroux-Devtek Inc. (TSX: HRX) is an international company
specializing in the design, development, manufacture, repair and
overhaul of aircraft landing gear, hydraulic and electromechanical
actuators, custom ball screws and fracture-critical components for
the Aerospace market. The Corporation is the third-largest landing
gear company worldwide, supplying both the defence and commercial
sectors. Approximately 94% of the Corporation's sales are outside
of Canada, including about 57% in
the United States. The
Corporation's head office is located in Longueuil, Québec with facilities in
Canada, the United States, the United Kingdom and Spain.
FORWARD-LOOKING STATEMENTS
Except for historical information provided herein, this press
release contains information and statements of a forward-looking
nature, including statements relating to the regulatory and court
approvals and the anticipated timing of completion of the
arrangement. Forward-looking statements are based on assumptions
and on management's best possible evaluation of future events and
are subject to risks, uncertainties and other important factors
that could cause the Corporation's actual performance to differ
materially from expected results expressed in or implied by such
statements. Such factors include, but are not limited to: the
possibility that the arrangement will not be completed on the terms
and conditions, or on the timing, currently contemplated, and that
it may not be completed at all, due to a failure to obtain or
satisfy, in a timely manner or otherwise, required regulatory and
court approvals and other conditions to the closing of the
arrangement or for other reasons; the failure to complete the
arrangement which could negatively impact the price of the shares
or otherwise affect the business of the Corporation; the dedication
of significant resources to pursuing the arrangement and the
restrictions imposed on the Corporation while the arrangement is
pending; the uncertainty surrounding the arrangement that could
adversely affect the Corporation's retention of customers and
business partners; the occurrence of a material adverse effect
leading to the termination of the arrangement agreement; customers,
supply chain, the aerospace industry and the economy in general;
the impact of other worldwide geopolitical and general economic
conditions; industry conditions including changes in laws and
regulations; increased competition; the lack of availability of
qualified personnel or management; availability of commodities and
fluctuations in commodity prices; financial and operational
performance of suppliers and customers; foreign exchange or
interest rate fluctuations; and the impact of accounting policies
issued by international standard setters. For further details,
please see the Risk Management section under Additional Information
in the Corporation's MD&A. Readers are cautioned that the
foregoing list of factors is not exhaustive and undue reliance
should not be placed on forward-looking statements. As a result,
readers are advised that actual results may differ materially from
expected results. Unless otherwise required by applicable
securities laws, the Corporation expressly disclaims any intention,
and assumes no obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise.
SOURCE Héroux-Devtek inc.
