Thursday, October 30th8.2°C
23696
22916

Aerospace company Heroux-Devtek to lay off employees at plant near Montreal

LONGUEUIL, Que. - Heroux-Devtek Inc. will layoff about 55 employees at one of its Montreal-area plants due to lower demand from the U.S. military market.

The layoffs are expected to start in April and take place over 12 months, leaving 15 workers at the plant in nearby Longueuil, Heroux-Devtek said Thursday.

The landing gear manufacturer said its operations in Longueuil will be centred at its upgraded, main plant where 360 employees will focus on repair, overhaul and assembly of landing gear systems.

"We regret the impact for the affected employees and their families, but the steep decline in U.S.-based customer demand for military aftermarket products called for adjustments in our manufacturing base," president and chief executive Gilles Labbe said in a news release.

The company said the layoffs will result in a charge of about $5 million before income taxes to be spread over the fourth quarter of the fiscal year ended March 31, 2014 and the first half of the 2015 fiscal year.

Heroux-Devtek (TSX:HRX) has said it has been affected by reduced U.S. military spending and the partial U.S. government shutdown last fall.

The company is the third largest landing gear company globally and supplies both commercial and military sectors of the aerospace industry with landing gear systems and components, as well as other aerospace products and services.

The Canadian Press


Read more Business News

23028


Recent Trending




Today's Market
S&P TSX14458.69-68.88
S&P CDNX771.65-9.42
DJIA17195.42221.11
Nasdaq4566.138+16.912
S&P 5001994.65+12.35
CDN Dollar0.8920-0.0014
Gold1185.50-13.10
Oil80.59-0.31
Lumber322.40-1.20
Natural Gas3.715+0.066

 
Okanagan Companies
Pacific Safety0.11+0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.150.00
Cantex0.045-0.015
Anavex Life Sciences0.1711-0.0089
Metalex Ventures0.0350.00
Russel Metals32.22-0.35
Copper Mountain Mining1.97-0.05
Colorado Resources0.14+0.005
ReliaBrand Inc0.012-0.004
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.375+0.005

 



22831

FEATURED Property
20490347080 Sun Valley Road
3 bedrooms 3 baths
$749,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Empty nesting: financial issues

Now that the children have ‘left the nest’, it is a good time to step back and take stock of your financial situation. Being on your own will probably cut household costs to some extent, b...


Keep your haunted home safe

Eerie sounds, spooky lights and Jack-o’-lanterns aglow—extra efforts at Halloween will keep visitors coming back for both tricks and treats. However, to keep the fun going, it’s imp...


What I learned in China

Photo: ContributedI will never be an expert on China. It is just too big, too complex and too old with layers of history and meaning that would take several lifetimes to unravel. As I said to my hosts...

_








Member of BC Press Council


22620