Esterline Engineered Materials Selected for U.S. Military's F-35 Strike Aircraft Program
Posted on March 29, 2011 at 16:00 PM EDT
BELLEVUE, WA -- (Marketwire) -- 03/29/11 -- Esterline Corporation (NYSE: ESL) (www.esterline.com), a leading specialty manufacturer serving aerospace/defense markets, today announced that its Los Angeles-based Engineered Materials operation has been selected by Lockheed Martin Aeronautics Company to supply sealing and low observable products for the multirole F-35 Lightning II.
The contract draws on design and development work performed by Lockheed, Northrop Grumman and Esterline Engineered Materials working together to produce the most advanced strike aircraft in the world. The agreement, valued at more than $190 million, will cover the low rate production phase of the program currently estimated to include 596 aircraft to be produced through the year 2017.
Brad Lawrence, Esterline CEO, said, "The F-35 introduces superior advancements to ensure more effective and safer campaigns for our service members, and Esterline is proud to be a part of it."
Rick Gentle, President of Esterline Engineered Materials, said, "Our cutting edge technology is part of the unique blend of materials that will help the F-35 Lightning maintain air dominance whenever it is called upon. We look forward to continuing our long-standing relationship with Lockheed Martin and their domestic and international partners."
Lawrence added that in addition to engineered materials, Esterline supplies the F-35 with a variety of other technical solutions, ranging from specialized sensors and systems to avionics and controls.
"All told," Lawrence said, "the Joint Strike Fighter is a significant program for Esterline with dollar content per aircraft currently exceeding $800,000."
The F-35 Lightning II is the aircraft selected by the Department of Defense for the Joint Strike Fighter (JSF) program, which aims to develop affordable 5th generation aircraft for the U.S. Air Force, U.S. Navy, U.S. Marine Corps, and America's allies.
The JSF program goal is to dramatically reduce the costs of development, operation and maintenance by replacing a range of military aircraft with three variants of the F-35: the F-35A for conventional takeoff and landing (CTOL), the F-35B for short takeoff and landing (STOVL), and the F-35C carrier-based variant.
Two Esterline Engineered Materials locations -- Kirkhill Elastomers in Brea, Calif., and TA Aerospace in Valencia, Calif. -- will actively participate in meeting the requirements of this agreement. Their products are the solution of choice for a wide range of sealing, clamping, thermal and fire barrier protection and low observable technology used throughout the aerospace industry.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will," or the negative of such terms, or other comparable terminology. These forward-looking statements are only predictions based on the current intent and expectations of the management of Esterline, are not guarantees of future performance or actions, and involve risks and uncertainties that are difficult to predict and may cause Esterline's or its industry's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Esterline's actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements due to risks detailed in Esterline's public filings with the Securities and Exchange Commission including its most recent Annual Report on Form 10-K.
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