POLITICS

Heroux-Devtek to hire 50 workers after Quebec provides $6.2 million

05/04/2012 03:34 EDT | Updated 07/04/2012 05:12 EDT
MONTREAL - Landing gear manufacturer Heroux-Devtek will create 50 new jobs after receiving more than $6.2 million of financial support from the Quebec government.

Economic Development Minister Sam Hamad said the Montreal-based company will receive a $5.4-million grant and a loan from Investissement Quebec for $811,000.

The funding will be used as part of Heroux-Devtek's (TSX:HRX) $25.7-million project at its facility on the south shore of Montreal to manufacture and assemble landing gear systems for planes and helicopters.

Hamad said helping the company to open the door to new markets will promote the competitiveness of Quebec with this strategic sector.

Heroux-Devtek CEO Gilles Labbe said the support of the Quebec government allows it to improve its production capacity while enhancing its engineering department.

On the Toronto Stock Exchange, Heroux's shares closed down four per cent at $8.30 in Friday trading.