In the dramatic technological world of fighter jets, Canadian-based flight support company Héroux-Devtek has acquired stakes in two of the most anticipated fighter jets.
The company announced Thursday it had acquired a majority interest in Lockheed Martin’s landing gear division. Héroux-Devtek will design, develop and manufacture landing gear for Lockheed Martin’s Joint Strike Fighter (JSF).
The deal, which involves the company buying a 40% interest in the business for $18.3m, will bring 35 Lockheed Martin engineers and designers to Héroux-Devtek’s aerospace group. The company will also license Lockheed Martin’s landing gear technology and help the manufacturer deliver additional landing gear and gear systems to multiple customers. The new investments will bring in approximately $45m in revenue over the next three years.
Last month, Héroux-Devtek agreed to acquire a 70% stake in the Héroux parts business, a maker of maintenance repair and overhaul (MRO) and prime manufacturer of landing gear systems for the F-35 Joint Strike Fighter.
Héroux-Devtek and Lockheed Martin have a long history with JSF. In 2005 the two companies developed the F-35 Joint Strike Fighter’s first external gear package, which will be used in the company’s next generation of fighter jet – the F-35C Joint Strike Destroyer. Héroux-Devtek is also working on a hydraulic hose/cockpit hose and fuselage oil change system for Lockheed Martin’s developmental F-35A.
More than 400,000 government-issued flight support articles are shipped annually by Héroux-Devtek, the company reported in its most recent annual report, which indicates the increasing use of this aircraft to help increase efficiency.
The $250bn aerospace industry is considered Canada’s number two export category after forestry. About a quarter of Canada’s exports are aerospace components. The Aerospace Industries Association of Canada (AIAC) reported in its most recent financial report that aircraft will account for $77.3bn worth of machinery exports in 2020.
The country, with its ageing fleet of Lockheed Martin CF-18 jets, is under a five-year, $11.2bn joint procurement contract for new planes. A government analysis in January estimated there would be around $3.6bn worth of revenue each year, once the F-35 joint strike fighter were ready for service.