Heroux-Devtek Inc. (HRX.TO), a Canadian manufacturer of aerospace products, announced today that Industry Canada is providing a repayable loan contribution of up to $48.9 million. The funds will be used to support Héroux-Devtek's engineering efforts in connection with the research and development of new technologies for complete new landing gear systems. The investment will be over a five-year period and the contribution will become gradually repayable one year following the end of that period.
The investment is being made through the Government of Canada's Strategic Aerospace and Defence Initiative.
HRX is up 14.5 cents (1.81%), to $8.135 late morning, on volume 5,100.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
