Héroux-Devtek completes U.S. acquisiton

Héroux-Devtek Inc. said Thursday it has completed its takeover of a U.S. plane parts maker.

Earlier in April, Héroux-Devtek, which makes landing gear and other components for commercial and military jets, announced a deal to buy Eagle Tool & Machine Co. subject to approval by H-D's board of directors.

The company did not release the purchase price.

But Héroux-Devtek said Eagle Tool, with operations in Ohio, has assets valued at $34 million US.

In addition, Eagle Tool posted $38 million in sales in 2009 and has an order backlog — work which the company expected to fulfil in the coming years — worth $128 million US.

The acquisition would add 11 per cent to Héroux-Devtek's 2009 sales number and improves its existing order backlog by 30 per cent.

Héroux-Devtek, based outside Montreal, also said the purchase would make the Canadian firm the world's third-largest manufacturer of landing gear.

"In addition, our new U.S. manufacturing base will further strengthen relationships with our main U.S. landing gear customers," said Gilles Labbé, Héroux-Devtek's president and chief executive officer.

Eagle Tool makes components for a number of military jets including the F-35 Lightning II, the next-generation fighter for the U.S. military and its allies.