IBC WINS $9.7 MILLION IN NEW ORDERS FROM LOCKHEED MARTIN FOR THE F-35 LIGHTNING II AIRCRAFT
IBC’s Innovative Casting Technology for Beryllium-Aluminum Alloys, Which Helps t o Reduce Costs, Leads to the Award by Lockheed Martin of a Second Part on the F-35 for IBC
Orders Represent a 24 % Increase in Value Over IBC’s Previous 3-Year Contract With Lockheed Martin
FRANKLIN, Ind., Dec. 09, 2020 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (TSX-V:IB; OTCQB:IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces that Lockheed Martin (NYSE:LMT) has awarded IBC new purchase orders totaling approximately $9.7 million to produce two aerospace-qualified beryllium-aluminum components for the F-35 Lightning II aircraft over the next 26 months.
One purchase order involves production of the azimuth gimbal housing unit used in the F-35’s Electro-Optical Targeting System (EOTS). IBC has manufactured this part for Lockheed Martin since 2015 using the Company’s high-performance Beralcast ® beryllium-aluminum investment cast alloy.
In a new development, Lockheed Martin also awarded IBC an order to produce a second part for the F-35 – the gimbal mounting ring – which is also used in the EOTS. IBC worked in close partnership with Lockheed Martin in developing a process for producing the ring using IBC’s innovative investment casting technology.
The total value of the new purchase order is approximately US$9.7 million over 26 months, which represents a 24 percent increase over previous three-year purchase order from Lockheed Martin.
“These purchase orders represent a significant increase in sales for the Company’s beryllium-aluminum business, and that has been a key goal of our business growth strategy,” said Mark Smith, IBC’s CEO and Chairman. “The award by Lockheed Martin of a new component for the F-35 illustrates the cost-effectiveness of using beryllium-aluminum investment castings for a variety of applications in both defense and commercial sectors. IBC’s production expertise allows us to produce these mission-critical parts in a way that delivers cost savings to Lockheed Martin and to the Department of Defense.”
“Mission #1 at IBC is performance, performance, performance,” Mr. Smith added. “Our success in expanding our book of business with Lockheed Martin illustrates what can be done with a relentless focus on performance, and I am very proud of the team’s success in this effort.”
"A lot of hard work by the IBC team and by our customer Lockheed Martin was invested in developing a process for producing the gimbal mounting ring using investment cast technologies, and I am very pleased that we achieved this significant milestone,” said Ben Rampulla, President of IBC’s Engineered Materials division. IBC’s high-performance beryllium-aluminum casting alloys are able to deliver the cutting-edge performance that the F-35 platform requires. We look forward to continuing to serve Lockheed Martin’s needs and to expand that business as opportunities allow.”
For more information on IBC and its innovative alloy products, go here .
On Behalf of the Board of Directors:
" Mark Smith ”
Mark Smith, CEO and Chairman
