Kaman Announces Joint Programmable Fuze Orders Totaling $54 Million
By Business Wire News
By Business Wire News
Kaman Corp. (NYSE:KAMN) announced today that its Aerospace segment has been awarded three orders for the procurement of Joint Programmable Fuzes (JPF) with an expected total value of $54.0 million. The first award is an additional order with an expected value of $20.8 million under Option 12 of Kaman’s JPF contract with the U.S. Air Force (USAF). Delivery of the USAF fuzes is anticipated to occur in 2016 and 2017. The company has also received two direct commercial sale orders with an expected total value of $33.2 million for delivery in 2016.
“We believe the JPF is the most reliable bomb fuze in the arsenal of the U.S. military and its allies. No other existing bomb fuze has the functionality or provides the operational flexibility of the JPF, and Kaman is the only source of the product. With these awards our program backlog grows to a record high of almost $250 million and JPF production visibility extends into 2018. Given our backlog and strong worldwide demand for the fuze we have undertaken a significant expansion of our JPF production capacity in 2016 and beyond,” stated Greg Steiner, President, Kaman Aerospace Group.
Kaman has been the sole provider of the JPF to the USAF since 2002. In addition to the USAF, Kaman provides the JPF to twenty-six other nations. The JPF allows the settings of a weapon to be programmed on wing in flight and is the current bomb fuze of choice of the USAF. The JPF is used with a number of weapons including general purpose bombs, and guided bombs that use JDAM or Paveway kits, on U.S. aircraft such as F-15, F-16, F-22, A-10, B-1, B-2, B-52 and the MQ-9 UAV as well as on international aircraft such as Mirage 3 and Gripen. Kaman produces the JPF at facilities in Orlando, Florida and Middletown, Connecticut.
Risks Associated with Forward-Looking Statements
This release includes “forward looking statements” relating to the expected values of the JPF contracts discussed above. These statements are based on assumptions currently believed to be valid, but they involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward looking statements. Important uncertainties that could cause our actual results to differ from those expressed in the forward looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward looking statements to reflect subsequent events or circumstances.
About Kaman Corporation
Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut conducts business in the aerospace and industrial distribution markets. The company produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; aerostructure engineering design analysis and FAA certification services; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; design and supply of aftermarket parts to MRO aerospace markets;K-MAX® medium to heavy lift helicopters; and support for the company’s SH-2G Super Seasprite maritime helicopters and K-MAX® aircraft. The company is a leading distributor of industrial parts, and operates more than 200 customer service centers and five distribution centers across the U.S. and Puerto Rico. Kaman offers more than four million items including bearings, mechanical power transmission, electrical, material handling, motion control, fluid power, automation and MRO supplies to customers in virtually every industry. Additionally, Kaman provides engineering, design and support for automation, electrical, linear, hydraulic and pneumatic systems as well as belting and rubber fabrication, customized mechanical services, hose assemblies, repair, fluid analysis and motor management. More information is available at www.kaman.com.
For Kaman Corporation
Eric Remington, 860-243-6334
VP, Investor Relations