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.
Read more Business News
- Boonstock beginsPenticton / S. Okanagan - 2:11 pm
- Pro-Palestinians protestWest Kelowna - 3:07 pm
- Standing up for Israel?Poll - 5:00 pm
- YLW runway clearKelowna - 1:02 pm
|QHR Technologies Inc||1.20||-0.01|
|Anavex Life Sciences||0.255||-0.007|
|Copper Mountain Mining||2.67||-0.08|
|Sunrise Resources Ltd||0.035||+0.005|
|Mission Ready Services||0.155||+0.005|
On March 6, 2010 a bridge in Turku, Finland bent 56 inches (143 centimeters) due to structural failures of both piers. No one was injured. The bridge had to be demolished 4 months later. Our infrast...
Eighty percent of our success in learning from other people is based on how well we listen. Other people’s experience can be enormously helpful. With it we can often overcome time restraints and...
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...