MonTREAL — Heroux-Devtek shareholders have approved a $160-million special distribution resulting from the sale in August of its industrial and aerostructure operations to focus on its landing-gear business.

The $5 per share payout resulted from the $232 million of net proceeds from the sale.

The special payment is to be paid on Wednesday to shareholders of record Nov. 20.

It will consist of $2.70 per share consisting of a partial reduction and repayment of the corporation issued capital, and $2.30 per share in dividend.

The move will exempt shareholders from tax on the $2.70 per share portion.

Heroux-Devtek also used proceeds from the sale to pay $54 million of debt.

The meeting marks an important moment in our history, Heroux-Devtek CEO Gilles Labbe said during the meeting.

He said the Quebec-based company will look now to grow its position as the worlds third-largest manufacturer of aircraft landing gear.