VANCOUVER, Sept. 26, 2019 /PRNewswire/ - Avcorp Industries
Inc. (TSX: AVP) (the "Company" or "Avcorp") today announces that it
has reached a new labour agreement with the International
Association of Machinists and Aerospace Workers (Lodge 250) (the
"Union") at its Delta, British
Columbia facility. The new Six- year labour agreement was
ratified by the Union earlier today. As a result, the Company's
operations in Delta will resume to
full capacity effective September 26,
2019.
"We are looking forward to having our employees back to work and do what they do best. We also
want to thank our staff for going above and beyond the call of duty
and for their extraordinary support," said Jessica Gill, VP of Human Resources for the
Avcorp Group.
About Avcorp
The Avcorp Group designs and builds major airframe structures
for some of the world's leading aircraft companies, including BAE
Systems, Boeing, Bombardier, Lockheed Martin and Subaru
Corporation. The Avcorp Group has more than 60 years of experience, over 700 skilled employees
and 636,000 square feet of facilities. Avcorp Structures &
Integration located in Delta British
Columbia, Canada is dedicated to metallic and composite aerostructures assembly and integration;
Avcorp Engineered Composites located in Burlington Ontario, Canada is dedicated to
design and manufacture of composite aerostructures, and Avcorp
Composite Fabrication located in Gardena
California, USA has advanced composite aerostructures
fabrication capabilities for composite aerostructures. The Avcorp
Group offers integrated composite and metallic aircraft structures
to aircraft manufacturers, a distinct advantage in the pursuit of
contracts for new aircraft designs, which require lower-cost,
light-weight, strong, reliable structures. Comtek Advanced
Structures Ltd., at our Burlington,
Ontario, Canada location also provides aircraft operators
with aircraft structural component repair services for
commercial aircraft.
Avcorp Composite Fabrication Inc. is wholly owned by Avcorp US Holdings Inc. Both companies are
incorporated in the State of Delaware, USA, and are wholly owned subsidiaries of Avcorp Industries
Inc.
Comtek Advanced Structures Ltd., incorporated in the Province of
Ontario, Canada, is a wholly owned
subsidiary of Avcorp Industries Inc.
Avcorp Industries Inc. is a federally incorporated reporting
company in Canada and traded on
the Toronto Stock Exchange (TSX:AVP).
"Amandeep Kaler"
AMANDEEP KALER
CHIEF EXECUTIVE OFFICER
AVCORP GROUP
Forward-Looking Statements
This release should be read in conjunction with the Company's
unaudited financial statements contained in the Company's Annual
Report and with the quarterly financial statements and accompanying
notes filed with Sedar (www.sedar.com).
Certain statements in this release and other oral and written
statements made by the Company from time to time are
forward-looking statements, including those that discuss
strategies, goals, outlook or other non-historical matters; or
projected revenues, income, returns or other financial
measures. These forward-looking statements are subject to risks and uncertainties that may cause
actual results to differ materially from those contained in the
statements, including the following:
(a) changes in worldwide economic and political conditions that
impact interest and foreign
exchange rates; (b) the occurrence of work stoppages and strikes at key facilities of the Corporation
or the Corporation's customers or suppliers; (c) government funding
and program approvals affecting products being developed or sold
under government programs; (d) cost and delivery performance under
various program and development contracts; (e) the adequacy of cost
estimates for various customer care programs including servicing
warranties; (f) the ability to control costs and successful
implementation of various cost reduction programs; (g) the timing
of certifications of new aircraft products; (h) the occurrence of
downturns in customer markets to which the Corporation products are
sold or supplied or where the Corporation offers financing; (i)
changes in aircraft delivery schedules or cancellation of orders;
(j) the Corporation's ability to offset, through cost reductions,
raw material price increases and pricing pressure brought by
original equipment manufacturer customers; (k) the availability and
cost of insurance; (l) the Corporation's ability to maintain
portfolio credit quality; (m) the Corporation's access to debt
financing at competitive rates; (n) uncertainty in estimating
contingent liabilities and establishing reserves tailored to
address such contingencies; and (o) integration of newly acquired
operations and associated expenses may adversely
affect profitability.
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SOURCE Avcorp Industries Inc.