LONGUEUIL, Quebec – Héroux-Devtek announced it has completed the sale of virtually all of its aerostructure and industrial products operations to Portland, Oregon-based Precision Castparts Corp.

The assets acquired by Precision Castparts include Héroux-Devteks manufacturing sites in Dorval, Quebec; Querétaro, Mexico; and Arlington, Texas. They also acquired aerostructure manufacturing sites, as well as industrial products manufacturing sites based in Cincinnati, Ohio.

The transaction is for a cash consideration of $300.0 million, subject to post-closing adjustments. The assets sold generated sales of $126.8 million for the fiscal year ended March 31, 2012.

Héroux-Devtek expects net cash proceeds of approximately $230.0 million from the sale.

Héroux-Devtek will retain all of its “Landing Gear” product line as well as the Toronto-based Magtron operations. Landing gear is a core operation for the company, and they plan to focus on that aspect of their operations.

The operations they have retained include more than 1,000 employees in Canada and the United States and generated consolidated sales of $253.5 million for the fiscal year ended March 31, 2012.

Héroux-Devtek Inc is a leading Canadian manufacturer of aerospace products.

www.herouxdevtek.com/