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Héroux-Devtek Inc., (“Héroux-Devtek” or the “Corporation”), a leading Canadian manufacturer of aerospace products, was recently notified by UTC Aerospace Systems (“UTAS”) of its intent to initiate arbitration relating to the interpretation of a non-compete covenant contained in an agreement between Goodrich Corporation, member of UTAS group, and Devtek Aerospace Inc., a wholly-owned subsidiary of the Corporation.
The disagreement involves Héroux-Devtek’s planned activities relating to the manufacturing of pistons in support of a contract with The Boeing Company.
The Corporation disagrees with UTAS’ position and firmly believes that it is acting in conformity with its agreements. Operations are unaffected and continue on a normal basis.
