Two Canadian aerospace firms seeking to merge

Héroux Inc has made an offer to acquire Devtek Corp with up to $35 million in cash representing half of the transaction value. If approved by shareholders, the new entity will be called Héroux-Devtek Inc and have members of both firms represented on the board of directors. The merger is hoped to give the combined firm market leadership in the aerospace industry and enhance shareholder value. Combined staff are approximately 1,300 and annual sales are in excess of $220 million. Devtek is a developer and manufacturer of systems, sub-systems and components for the aerospace industry. Héroux specializes in the design, development, manufacture and repair of aerospace and industrial components. Devtek goes under different corporate names and has operations in Kitchener ON , Scarborough and Laval PQ. Devtek has its headquarters in Longueuil PQ, and operations in Montreal Cincinnati OH and Pinellas Park FL....