HÉROUX-DEVTEK RECEIVES FINAL COURT APPROVAL OF PLAN OF ARRANGEMENT PROVIDING FOR ITS ACQUISITION BY PLATINUM EQUITY

LONGUEUIL, QC, Sept. 16, 2024 /CNW/ - Héroux-Devtek Inc. (TSX: HRX) ("Héroux-Devtek" or the "Corporation"), a leading international manufacturer of aerospace products and the world's third-largest landing gear manufacturer, is pleased to announce that the Superior Court of Québec has issued a final order approving the previously announced plan of arrangement under the provisions of the Business Corporations Act (Québec) involving Héroux-Devtek and an affiliate of Platinum Equity Advisors, LLC.

Héroux-Devtek also announces that the U.K. Government has informed the Corporation that it will not take any further action in relation to the proposed arrangement under the National Security and Investment Act 2021 (United Kingdom), satisfying the related closing condition set forth in the arrangement agreement.

The proposed arrangement remains subject to certain customary closing conditions, including the receipt of applicable regulatory approvals in Spain. If the necessary approvals are obtained and the other conditions to closing are satisfied or waived, it is anticipated that the arrangement will be completed by the parties before the end of the Corporation's current fiscal year ending March 31, 2025.

ABOUT HÉROUX-DEVTEK

Héroux-Devtek Inc. (TSX: HRX) is an international company specializing in the design, development, manufacture, repair and overhaul of aircraft landing gear, hydraulic and electromechanical actuators, custom ball screws and fracture-critical components for the Aerospace market. The Corporation is the third-largest landing gear company worldwide, supplying both the defence and commercial sectors. Approximately 94% of the Corporation's sales are outside of Canada, including about 57% in the United States. The Corporation's head office is located in Longueuil, Québec with facilities in Canada, the United States, the United Kingdom and Spain.

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release contains information and statements of a forward-looking nature, including statements relating to the regulatory approvals and the anticipated timing of completion of the arrangement. Forward-looking statements are based on assumptions and on management's best possible evaluation of future events and are subject to risks, uncertainties and other important factors that could cause the Corporation's actual performance to differ materially from expected results expressed in or implied by such statements. Such factors include, but are not limited to: the possibility that the arrangement will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory approvals and other conditions to the closing of the arrangement or for other reasons; the failure to complete the arrangement which could negatively impact the price of the shares or otherwise affect the business of the Corporation; the dedication of significant resources to pursuing the arrangement and the restrictions imposed on the Corporation while the arrangement is pending; the uncertainty surrounding the arrangement that could adversely affect the Corporation's retention of customers and business partners; the occurrence of a material adverse effect leading to the termination of the arrangement agreement; customers, supply chain, the aerospace industry and the economy in general; the impact of other worldwide geopolitical and general economic conditions; industry conditions including changes in laws and regulations; increased competition; the lack of availability of qualified personnel or management; availability of commodities and fluctuations in commodity prices; financial and operational performance of suppliers and customers; foreign exchange or interest rate fluctuations; and the impact of accounting policies issued by international standard setters. For further details, please see the Risk Management section under Additional Information in the Corporation's MD&A. Readers are cautioned that the foregoing list of factors is not exhaustive and undue reliance should not be placed on forward-looking statements. As a result, readers are advised that actual results may differ materially from expected results. Unless otherwise required by applicable securities laws, the Corporation expressly disclaims any intention, and assumes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE Héroux-Devtek inc.

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